Hedge funds are revisiting the standard terms offered to investors. They argue the clauses permitting a fund to establish gates or suspend redemptions and create side pockets should be included as a matter of course in order to protect the fund in a crisis. On the other side investors are demanding improved terms and changes in the way fees are calculated and paid. They want to see much greater operational risk management as well as transparency.
Peter Astelford, head of the financial services g