Finding the right balance

Equalisation, the means by which hedge fund incentive fees are calculated and charged equitably to all investors, is an aspect of the fee structure of hedge funds that historically has left managers as well as investors confused. Ronan Daly, managing director of fund administrator Hemisphere, believes the level of understanding and knowledge has improved over the last few years. He says: 'The volume of investor questions we were being asked two years ago has slowed down. Fund of funds, in p