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Funds Of Funds Hit Hard by Economic Downturn

CNBC – Hedge funds of funds, the middlemen that pension funds and endowments often use to create alternative portfolios, lost roughly one-third of their assets last year, according to new data released Tuesday.

The industry’s largest funds of funds, managing more than $1 billion, now jointly control $744 billion in assets, according to industry publication InvestHedge.

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