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Most Traditional Hedge Fund Strategies Probably Aren’t Worth Big Fees Anymore

Business Insider – One of the highlights of yesterday’s Bloomberg Markets 50 Summit was, without a doubt, the conversation between alternatives king Cliff Asness (AQR) and Lawrence M. Schloss, who is the Chief Investment Officer for the City of New York’s $145 billion pension portfolio.

Cliff Asness is a quantitative analyst and money manager, his firm AQR does everything from hedge fund-structure investing to ’40 Act mutual fund advisory. Not every strategy AQR employs will be the right one for a given environment and most are not expected to outperform a bull market in the S&P 500. Much of what quantitative firms seek to deliver are risk-adjusted returns, and, from that standpoint, the $70 billion AQR has clearly been successful.

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