Bloomberg – Stan Druckenmiller, one of the top-performing money managers of the past three decades, discovered a hard truth when he started investing in other hedge funds: Most don’t treat their clients fairly.
Partnership agreements frequently leave investors on the hook for legal fees associated with the misconduct of fund employees, or allow managers to unilaterally suspend redemptions for any reason, Gerald Kerner, Druckenmiller’s lawyer since 1997, wrote in a paper presented yesterday to a group of endowments and foundations.
