Struggling in the shallow end?

Hedge funds love illiquidity and are increasingly moving down the liquidity curve. While investors also presumably love the potential 'illiquidity premium' such investments can make, there is the not inconsequential problem of valuing instruments that trade rarely if at all. With hedge funds paying banks such large commissions, banks are helping them migrate into even shallower waters – to private equity, for example, or to instruments constructed specifically for the fund. This raises obvious

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here