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Old 11-05-2009, 08:27 AM
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Fuzzy Fuzzy is offline
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Default "Fund of funds" cancer?

The New York State Common Retirement Fund is bucking trends and plowing money into hedge funds while avoiding funds of funds...
“We took a look at the portfolio, and realized there was major overlap and redundancies,” a spokesman for State Comptroller Thomas DiNapoli said. “We figured there were places where we could go direct to the hedge funds and eliminate the fee.” The spokesman cited fee reductions and eliminating investment overlap as two of the reasons for the continued move away from funds of funds. Notably, David Swenson—the Yale endowment chief and unofficial dean of endowment investing—has been quoted as calling funds of funds “a cancer on the institutional investment universe.”
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