Fight for fees gets messy


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