Fund of hedge funds industry continues to evolve as investors become more demanding

In a minority of one


Some would say Ian Morley, the founder of one of the first funds of hedge funds (FoHF), should have gone into politics or the theatre. Luckily for the industry, he entered the financial world first as a physical metals trader, eventually moving to Shearson Lehman where he focused on futures and options.

As one of the early pioneers in hedge funds, he helped set up the European Managed Futures Association, better known today as the Alternative Investment Management ­Association (Aima). Now as

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