Different players, different game

Two basketball players jumping up to the net

Secondary trading of hedge funds has moved a bit more into the spotlight in the aftermath of the financial crisis. With the imposition of gates, side-pocketing of illiquids and the general need by some investors for cash, the secondary market suddenly took off.

As is the case when an opportunity presents itself, several new entrants have arrived on the scene while other, more established players continue to provide a service. What claims to be the first secondary trader, Swiss-based Hedgebay, is

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