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Lyxor’s U.S. chief Lionel Erdely: Why funds of funds have a future

The message? No more magicians.

Lionel Erdely: Managed accounts cannot completely mitigate all of the risk of investing in hedge funds (Photographs by Chris Clinton)While the fund-of-funds industry has been shrinking, Lyxor Asset Management is having a growth spurt. The $128.5 billion subsidiary of Société Générale hauled in $1.4 billion in new assets last year

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