The greatest value FoHF provide and can provide in the future is the judicious management of portfolios and the protection of client capital. For the past 10 years we have speculated that FoHF were unlikely to be sustainable in the institutional market because of a growing ability to disintermediate. Some institutions have certainly gone on their own and a number of consultants have attempted to provide advice that would allow institutions to avoid the extra layer of fees associated with FoHF. T