How smaller managers are navigating the evolving investment landscape

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Traditionally, allocators and investors often eschewed smaller, specialist hedge funds in favour of the firepower offered by larger brand-name managers. But as many smaller funds have posted outsized gains in recent years – while well-established marquee names experienced decidedly mixed performances – many at the forefront of the industry are detecting a potentially decisive shift in investor sentiment. 

Squeezed returns – along with fee pressures, investor outflows, increased transparency, greater operational due diligence, and a growth in rival products such as private equity – have thrown up challenges to hedge fund strategies of all stripes and sizes, shifting the balance of power from managers to investors.

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