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...