Courting pension funds? Beware the 25 percent rule

The “wall of money” from pension funds may force hedge fund managers to register as investment advisers much faster than any proposed rules from the SEC will.

Michael G. Tannenbaum is a founding partner of New York Citybased law firm Tannenbaum Helpern Syracuse & Hirschtritt, where he heads the financial services and hedge fund group. He is president of the Hedge Fund Association.



The hedge fund industry is attracting enormous capital inflows from foundations, endowments and, most recently, pension funds.


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