Opening up closed doors

Last year saw the launch of a batch of closed-ended funds of hedge funds aimed at UK investors. The aim was to use a familiar retail fund vehicle to offer fund of hedge fund management to those who had not previously been exposed to it. These funds have now been running for more than a year and more could appear, following the announcements that Progressive Asset Management and the new Gartmore Riverside team plan to launch funds.

Now is the time to examine what these vehicles are, how they opera