FN – The result is a growing number of funds being registered with the US Securities and Exchange Commission under the 1940 Investment Company Act, allowing these to be sold on the same basis as mutual funds. They can also access the 401(k) retirement market.
A managing director at a hedge fund manager with more than $10bn under management said: “Funds of funds are a melting ice cube. They have to find a way to reinvent themselves.”
