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Alpha first, fee demand later

Hedge fund clients propose managers produce gains above market benchmarks before charging incentive fees.

FEELING THE HEAT: Hedge fund managers in the United States, who are among the highest paid on Wall Street, have come under pressure from their clients to adjust agreements since the 2008 financial crisis led to record losses for the industry.

New York

HEDGE fund investors are catching up with their private equity (PE) peers. Five years after clients of leveraged buyout firms released a set of best practices for the industry, hedge fund clients are following suit. The Teacher Retirement System of Texas and MetLife Inc are among