Money Management Letter – The Utah Retirement Systems has proposed that hedge funds’ management fees cover operating expenses only, that performance fees be paid either at the end of a lockup period or placed on a deferred schedule, and that managers should meet the transparency needs of every investor.

The scheme has issued what it calls a summary of preferred hedge fund terms, a copy of which was obtained by MML’s sister publication Alternative Investment News. Spokesman Dave Anderson declined to answer any questions, saying that the document was confidential and only meant for Utah’s hedge funds.

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