Among the casualties of the financial crisis is the fund of hedge funds business model. Investors are no longer prepared to pay a double layer of fees without more reassurance they will get value for money and are much more wary about checking providers can deliver on their promises.
But every cloud has a silver lining, according to Aoifinn Devitt of Clontarf Capital, an alternative investment advisory service, based in London and Chicago.
“Hedge funds had a breakdown, but the real existential crisis was in funds of hedge funds, which fed very nicely into our business development,” she says.
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