Managers see danger in rise of mega funds

Institutionalisation of hedge funds could be adding to liquidity risk, managers say

The biggest hedge funds may be more vulnerable to liquidity stresses

The rise of “mega funds” – as institutional investors plough money into already well-established hedge funds – could be adding to liquidity risk, managers have warned.

Institutional allocations have fuelled the growth of the largest hedge funds in recent years. The three biggest firms – AQR Capital Management, Bridgewater Associates and Man Group – control nearly $450 billion in combined assets, which accounts for almost 15% of the estimated $3 trillion in total industry assets.

But the size

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