Narayan Naik is at the London Business School's new hedge fund research centre. He says: 'The market for certain strategies changes. Two years ago, there were a lot of merger and acquisition deals so the strategy could accept some assets. But there have been no large deals for a while, the GE/Honeywell deal was the last big one and that fell through. So merger arbitrage fund managers have got to return money if they are committed to the strategy, or engage in another strategy.'
Naik believes that
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