The reliance on side letters by the hedge fund industry continues unabated, despite all the upheaval that has challenged manager returns and investor expectations this year.
Manager strategies remain the same, but investor needs may be evolving if the bump up in fee discount demands is any indication. This follows a continued trend by many firms to offer managed account access for a number of reasons with an estimated 70% of the separately managed accounts having fee structures not typically offered in a standard hedge fund format, according to law firm Seward & Kissel.
Adoption . . .
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