Breaking Up With Hedge Funds Is Hard to Do

Not all investors hoping to dial back their hedge fund exposure have been able to do so.

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With much of the hedge fund industry hammered by redemptions, not all investors hoping to dial back their exposure have been able to do so.

To be sure, many have successfully disengaged. The $9 billion Stockholm-based public pension fund AP7, for instance, made a clean break last year with funds of funds, replacing them with in-house replication strategies ( Alpha, May 2008).

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