Hedge Funds

Long-only launches bring two worlds closer together

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But not all investors are happy with moves to mimic mutual fund products

For a number of years traditional asset management firms have been attempting to muscle their way into the hedge fund business - with varying degress of success. Now the distinction between the long-only world and hedge funds is really starting to blur, as groups like D.E. Shaw, Sierra Global, Lone Pine, Glenview and Maverick have begun adding long-only funds but with hedge fund-style fees, prompting considerable controversy.

One investor says: "I think it's a rip-off." He argues that hedge fund managers earn their