Reinventing the fund

Funds of Hedge Funds

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Only a fewindependent funds of hedge funds will survive the next five years. This view, expressed by Don Putnam, a managing partner at advisory merchant bank Grail Partners in London, is echoed by many analysts in the industry.

The argument is that funds of hedge funds face big hurdles from heightened competition, high correlation to the equity markets and a decline in returns. In addition, some investors, such as endowments, are becoming more comfortable with hedge funds as an asset class, a

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