The fund of hedge funds (FoHF) industry is Darwinian, says Ray Nolte, chief investment officer of SkyBridge Capital. Look at assets under management (AUM) and you can see his point. According to one measure by Hedge Fund Research, a data collator, the industry’s AUM steadily grew from $80 billion in 2000 to $800 billion in 2007, before falling to $590 billion in 2008, and has barely recovered since: FoHFs managed $660 billion at the end of 2013.
“There’s been a big shifting of assets with a lot o
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