SEC probes retail hedge fund liquidity

Retail investors have ploughed an estimated $19 billion into so-called multi-alternatives – fund of hedge fund strategies in a mutual fund format, which promise daily liquidity. That worries some observers, including the Securities and Exchange Commission. By Kris Devasabai

SEC headquarters

It sounds too good to be true – a bundle of hedge fund strategies in a mutual fund format, which promise stable returns to retail investors along with daily liquidity – so it should not be surprising that the Securities and Exchange Commission (SEC) is nosing around in what is known as the liquid alternatives market.

So-called multi-alternatives funds, which parcel up a number of strategies, represent about a third of the money raised in the liquid alternatives space over the past couple of

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