While funds of hedge funds have proved a helpful conduit to investor inflows, they can produce some headaches for unprepared fund administrators.
Funds of hedge funds (FoHFs) have been a booming region in the industry, not only stand-alone FoHFs, but also in the form of managed account platforms - Lyxor, PlusFunds, HFR spring to mind - allowing managers to select platform managers, or buy into them via ready-made investable indices.
However, such platforms impose heavy burdens on
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