But these institutional investors are forcing changes in
the services offered
Ask any hedge fund administrator what single trend has
changed the business over the last couple of years, and one
word comes up time and again: institutionalization.
The word most often refers to the stampede of big
institutions, like pensions and endowments, clamoring to give
money to hedge funds. But as investors get more institutional,
so do the counterparties who serve them, including
One obvious sign that administrators are changing their
stripes to please this more demanding class of investors is the
fact that many are ending the practice of serving on the boards
of directors of hedge funds. Alan Tooker, for instance, is set
to leave DPM in Europe to form a separate firm in the Caymans
that will act as an independent director for hedge funds.
Tooker's move appears to be part of a pattern, with...