For the first time since Liongate Capital Management was
started in 2003, manager turnover has exceeded strategy
turnover. In June 2009, the London-based fund of hedge funds,
which has $2.8 billion under management, held 45 managers in
the portfolio and by September 2010 there were 43.
On average, manager turnover within strategies has been 54%
over this period with 22 managers redeemed and 20 added. For
strategies such as merger arbitrage and equity market...