From efinancialnews.com: Man Group’s announcement last week
that it plans to acquire fund of funds rival FRM is the largest deal in recent
years in a part of the market that is ripe for consolidation.
While assets in global hedge funds reach new highs, the fund
of funds industry is 20% off its 2007 peak. Fees have come under pressure and
many institutions have decided to cut out the second layer of fees and go
direct.
Max Gottschalk, co-founder and head of Asia-Pacific at fund
of funds firm Gottex Fund Management, which acquired alternatives manager
Penjing Asset Management this month, said: “In the current market environment,
consolidation makes a lot of sense but in the fund of funds space, transactions
are not always easy to complete…..”
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