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Investor ire to drive fund of hedge fund shake-up

Reuters – Firms that make money selecting hedge funds will have to conduct more checks on managers running the assets and show they know what they are buying in order to appease clients disgruntled by the Madoff fraud and poor returns.

The $570-billion fund of funds industry faces the headache of conducting tougher background checks on managers and third parties like prime brokers, as well as researching hidden risks, while at the same time fending off client demands for fee cuts.

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