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Neglecting the Family

Hedge funds now pay so much attention to institutions that family offices -- their longtime loyal clients -- feel like they've been disinherited. Some offices, though, handle rejection well.

Early last year Clay Bradley, head of the Eno Farms family office in Atlanta, made a surprising move for a onetime hedge fund manager: He slashed in half Eno Farms' allocation to hedge funds. Bradley, whose great-grandfather George Washington Watts was one of the founders of American Tobacco Co. in

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