(CNBC) Hedge funds are “dead” as an investment class for the super rich, said Michael Sonnenfeld, founder and chairman of Tiger 21 — a network of ultra high net worth investors and entrepreneurs. Tiger 21 members’ allocation to hedge funds dropped to 2% from 12% over the past 16 years, data from the network showed. Sonnenfeldt said, adding that investors could get a similar exposure with less fees by investing in index funds, or going into private equity.
Hedge funds are ‘dead as a doornail,’ says chairman of ultra-rich investors’ club Tiger 21
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