Hedge funds and FoHFs are available both to institutions and retail investors in Luxembourg, which is governed by investment fund legislation from 2002 for retail funds and 1991 on institutional investor funds.
The law does not specifically deal with the investment policies of the funds operating in Luxembourg, concentrating instead on their framework. Therefore, a fund manager must first decide on the structure to use for his fund, then on strategy.
There are some guidelines about investment
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