Complexity pays
Piling on the fees
|1 min read
By Buttonwood
THIS morning, I gave a talk on hedge funds and private equity managers. In essence, this was an elongated version of a Buttonwood column headlined Catch two-and-twenty, in which I pointed out that, in aggregate, the switch by investors into these groups enriched fund managers, not the clients and that the idea of "diversification" could not be achieved if everyone was doing it.
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