The rise of replication

Hedge funds

US investment bank Goldman Sachs and rival Merrill Lynch created something of a buzz in financial markets at the end of 2006 when they unveiled their hedge fund replication strategies. At the time, it was widely reported that replication strategies could present a threat to direct investment into hedge funds. Both banks say this is untrue, but they believe replication is an important leap forward for structured products creation.

Replication models effectively say that historical hedge fund p

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