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Despite Pressure, Hedge Funds Resist Reducing Fees

New York Times – Despite the industry’s record losses in 2008, hedge funds generally aren’t lowering their fees without concessions from investors, such as longer lock-up periods and commitments of at least $100 million, money managers and consultants tell Bloomberg News.

While Larry Powell, deputy investment chief for the $16 billion Utah Retirement Systems, could crow at a June industry dinner in New York that more than half of Utah’s 40 hedge-fund managers agreed to changes in their fees, with four adopting his recommendations, top-performing managers haven’t adjusted yesteryear’s top-dollar fees, Bloomberg says.

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