Funds of Funds Make Life Less Lush for Hedge Funds

Hedge fund management has turned into the career choice of the new millennium for portfolio managers, analysts and traders.

They see it as a way to use their skills to leverage huge potential gains while living the independent lifestyle of the entrepreneur. That may not be true any longer.

Competition among investors for access to hedge funds remains intense. But this formerly idyllic landscape for managers is changing rapidly as firms such as Grosvenor Capital Management, Man Group, Permal Asset Management, Quellos Capital Management and Union Bancaire Privée -- titans of the diversified package of hedge fund investments known as funds of funds -- transform the...

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