liquidity crunch of 2008 that spilled over into 2009 and early
2010, it seems that institutional investors - mainly US public
pensions - have had some luck in getting a fairer shake.
Utah Retirement System, California Public Employees'
Retirement System, New Jersey State Investment Council and
other public pensions are now focused on finding ways to build
long-term relationships with hedge funds by agreeing to longer
Utah Retirement System is understood to still be negotiating
heavily with hedge fund managers in its portfolio to get fee
concessions. The $20 billion retirement system is focused on a
deferral of incentive fees, but has been able to get some small
breaks on management fees that are set to decline as assets
under management grow at the individual fund level. Officials
are thought to have structured breaks on incentive fees and
hurdle rates. Deferrals on incentive fees, meanwhile, are
focused on tax...