Large fund of fund managers dominating hedge fund industry
competition among managers could spiral out of control
Power in the hedge funds industry is becoming increasingly concentrated in the hands of a few funds of funds managers, the industry has been warned.
At the same time, there could be a backlash from disappointed investors who were promised high returns, said David Smith, chief investment director at multi-manager group at GAM.
Speakinng to delegates at the recent Alternative Investment Summit in London, Smith said the increasing rise of funds of hedge funds and the dominance of a few top players
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