Investors expect better hedge fund terms

Stuff – Some of the biggest fund-of-fund investors expect hedge funds to lower management fees and introduce terms that let shareholders eventually claw back performance fees,

The traditional take-it-or-leave-it stance in the hedge fund world is wobbling. Investors are demanding better terms from managers after hedge funds worldwide lost an average of 19 percent last year.

Institutions and affluent families withdrew record amounts from funds last year even as a number of funds imposed bans on redemptions at the end of 2008.

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