By Niki Natarajan
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The Mayan Long Calendar may be set to finish on 21 December 2012, but few actually believe that such doomsday prophesies will actually see the world end. Change yes, but end no. Despite the much maligned second layer of fees, it seems that funds of hedge funds on average are down -4.26% net of all fees, according to the InvestHedge global FoHF Composite.
On the surface, the overall picture for the global funds of hedge fund industry, as represented by the largest players with more than $1 billion in assets, in 2011 seems to be gloomy. There has technically been an outflow of assets of $4.6 billion but compared to the year’s performance, it is clear that overall assets are still flowing in, albeit more selectively by firm, region and size of firm.
A year ago...