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Yves Smith on AOI’s Hedge Fund Principles

This week, the Alignment of Interests Association (AOI) released a set of proposed changes in the way hedge funds do business with their investors, such as pension funds. AOI, a group to which many pension funds belong, said that hedge funds should only charge performance fees when returns beat benchmarks, and that fee structures should better link ...
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Pension Funds: Hedge Funds Should Meet Benchmarks Before Charging Fees

Pension funds and other investors called for changes Tuesday in the way hedge funds charge fees. The proposed changes were outlined in a statement by the Alignment of Interests Association (AOI), a hedge fund investor group to which many pension funds belong. The group said that hedge funds should only charge performance fees when returns beat benchmarks, ...
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Hedge Funds Willing to Reduce Fees In Exchange For Longer Commitments

Hedge funds are looking to lock up investor funds for longer periods of time — 66 percent of hedge funds aimed to lock up funds for one year or more in 2013, according to a survey by eVestment. In exchange, funds are willing to revise their fee structures downward. From the Wall Street Journal: Managers say tying up investor money for a year or more ...
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Surveys: Institutional Investors Disillusioned With Hedge Funds, But Warming To Real Estate And Infrastructure

Two separate surveys released in recent days suggest institutional investors might be growing weary of hedge funds and the associated fees and lack of transparency. But the survey results also show that the same investors are becoming more enthused with infrastructure and real estate investments. The dissatisfaction with hedge funds — and their ...
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Deutsche Bank: CalPERS’ Hedge Fund Exit “Has No Bearing” On Allocations Of Institutional Investors

Deutsche Bank says that after a series of meetings this month with institutional investors, they’ve concluded that CalPERS’ hedge fund exit “has no bearing on most investors commitment to the industry.” From ValueWalk: Deutsche Bank prime brokerage notes that hedge funds have been engaged in “extreme protection buying in equities” and said ...
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Chart: The Rise of Hedge Funds In Pension Portfolios

In recent years, hedge funds have solidified themselves as a big part of pension portfolios by two measures: 1) More pension funds than ever are investing in hedge funds 2) Those pensions are allocating more money towards hedge funds than ever before That bears itself out in the above graphic, and this next one: A recent Preqin report had this to say ...
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Interview: Hedge Fund Mogul Talks CalPERS’ Pullout, Manager Selection and Justifying Fees

Forbes released an interview Thursday morning with Anthony Scaramucci, founder and co-managing partner of alternatives investment firm SkyBridge Capital. The interview touched on CalPERS’ hedge fund exit, how the pension fund picked the wrong managers and how to pick the right ones. Later, Scaramucci touched on justifying the industry’s fee structure. On ...
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Video: Hedge Fund Manager On “Tweaking” Fee Structure

  The video above features John Paulson, founder of $22 billion hedge-fund firm Paulson & Co., talking about the fee structure of hedge funds and whether he feels “pressure” to change that structure to appease fee-averse investors. “Institutions are becoming a little more demanding…they are putting pressure on the management ...
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Hedge Funds Feel “Pressure” To Reduce Fees

Some major hedge fund managers are feeling “pressure” to reduce fees according to the Wall Street Journal: Two titans of the hedge-fund and private-equity world say they are growing more open to reducing fees in the face of rising scrutiny of the compensation paid to managers of so-called alternative investments. […] Mr. [John] Paulson [founder ...
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Pulitzer Prize Winner: Hedge Funds Not Worth The Risk For Pensions

David Cay Johnston, former Pulitzer prize-winning reporter for the New York Times and lecturer at Syracuse University, has written a column calling for pensions to stop risking assets with hedge funds. He says the nature of hedge funds make the investment “not suited” for pension funds. First, he takes hedge funds to task for their fee structure. ...
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