Opinion

Fight for fees gets messy

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Rightly, or wrongly, pension fund CIOs are deciding in ever increasing numbers that FoHFs can no longer charge ‘hedge fund’ fees for services that are tantamount to consulting work

By Susan Barreto

A specialist consultant, a fund of hedge fund’s chief investment officer and a single strategy hedge fund manager enter a US public pension fund trustee meeting. And before you think this is the beginning of a corny joke it is not. This is serious. This is a real live group of players that are not able to speak openly and honestly in each other’s presence when the topic of fees comes up.

A silent war is being waged when it comes to fees and despite the mandatory transparency requirements for