Business Insider – First it was billionaire hedge fund manager George Soros saying hedge fund managers were over charging for their services, now it’s Cliff Asness.
Here what Asness, who founded quant fund AQR Capital told Financial News:
“Hedge funds generally offer a nice portfolio (gross of fees!) of passive beta, alpha, and a middle ground we call hedge fund beta or style premia. But, unfortunately, managers like to charge fees as if it’s all alpha.”He said: “Most hedge fund strategies are more about very competent implementation and fair fees and terms, than they are about ‘genius’.”
