Robert Howie, Mercer

The key thing is to pick the right manager to meet your risk and return objectives. Some investors might think there is little to tell between one FoHF and another. We see huge differences in the quality of managers. It is a relatively new industry with lots of players and only the minority offer investors best-in-class products. The attributes of a good manager are easy to identify but hard to achieve: a competitive advantage in accessing the hedge fund universe and identifying the opportunitie