Dashed hopes


Blending two of the most popular investment areas of the last few years – hedge funds and collateralised debt obligations (CDOs) – into a single product sounds like a recipe for success. But while CDO and hedge fund business overall remains brisk, issuance of collateralised fund obligations (CFOs) has been scant – “surprisingly” so, according to a London-based structurer involved in one of the first rated hedge fund CFOs last year.

“It wasn’t just about the kudos. We thought it would help us get

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