First the dead wood has been cleared away. Not only are the strategies a lot less crowded (thanks to the demise not only of beta-seeking pseudo hedge funds biting the dust but the slowdown of proprietary trading by most of the banks) but also the remaining hedge funds and those entering the arena are more deserving of the name.
Investors may not have been pleased with the gating, suspensions and sometimes rather high-handed actions taken by fund managers but quite a few of these
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- Brexit novations ‘on hold’ to gain reg relief