Don't settle for second best

Investors turning to single manager multi-strategy funds over fund of hedge funds could be stuck with a manager who has only taken a multi-strategy approach to raise extra cash for his fund.

Speaking at the Global Alternative Investment Management conference in Geneva last month, Nicola Meaden, managing director of Blackstone Group International, which has $5bn in funds of hedge funds assets, says some fund managers have turned their single strategy funds into multi-strategy offerings to gain acc