(Bloomberg) One attorney who specializes in hedge funds told me that private-placement memorandums and a hedge fund’s founding documents typically contained boilerplate language that used to give the fund a lot of discretion regarding expenses and fees. So long as the investor signed off on the document, the manager was pretty much free to charge whatever they might for expenses. That is less the case now than it was not too long ago. Funds have started to rein in these expense…
Why All the Fun Is Going Out of Hedge Funds
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