Brave new world for hedge funds

Massive redemptions and other problems that have beset hedge funds in 2008 have caused some seismic shifts in the way managers and investors now view the documentation setting up a fund. US Editor Hedge Funds Review talks to a range of on- and offshore legal experts

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Hedge funds are revisiting the standard terms offered to investors. They argue the clauses permitting a fund to establish gates or suspend redemptions and create side pockets should be included as a matter of course in order to protect the fund in a crisis. On the other side investors are demanding improved terms and changes in the way fees are calculated and paid. They want to see much greater operational risk management as well as transparency.

Peter Astelford, head of the financial services

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