The global fund of hedge funds industry has gone through turbulent times over the last four years. After growing at an incremental pace from 2003 to mid-2008, the industry was hit with excessive losses and widespread redemptions during the financial crisis. Since then, multi-managers have struggled to attract a significant amount of assets.
Figure 1: Industry growth since 2000
The size of the industry peaked in 2008 with assets under management (AuM) reaching US$826 billion in March 2008. However, the onset of the global financial crisis and some high-profile frauds reduced total AuM substantially…
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