Guardian Unlimited – Tumbling markets and redemption waves have been murder on hedge funds, but the turmoil will free up top-tier talent for a quiet but well-heeled corner of the market: family offices.

The world’s wealthiest, not content to hand their fortunes to brokers and banks, can afford to build their own money management businesses. These offices, which would never be considered by top fund managers during the go-go years, suddenly look attractive thanks to their stable capital and long-term investment horizon.

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Tags: banks, building a family, coules, fortunes, fund-managers, guardian, hedge-fund-manager, investment horizon, long term investment, money management, redemption, turmoil, waves

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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Tags: alternative-investment-news, dave anderson, investor, lockup period, management fees, management letter, money management, operating expenses, performance-fees, sister publication, spokesman, transparency, utah retirement systems