Fund management:
Pension funds globally invested more than $62 billion in alternative assets in 2004 according to a survey by Watson Wyatt. Some 49% was in property, 38% in private equity and 13% in funds of hedge funds. In Asia Pacific, however, allocation to alternatives favoured funds of hedge funds over property.
Hedge funds:
“There is absolutely no proof of a capacity effect in the hedge fund industry,” says a study by French business school Edhec. Beta and manager ability are the key contributors to performance.
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