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Reconsidering Funds of Hedge Funds by Greg N. Gregoriou

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Chapter 5

The Use of Managed Accounts by Funds of Hedge Funds

Marcus Müller and Daniel Dietrich, Österreichische Volksbanken AG, Vienna, Austria, Triple Alpha Beteiligung GmbH, Vienna, Austria

Chapter Outline

5.1. Adversities of Funds of Hedge Funds in 2008

5.2. MAC Structures for FoHFs

5.2.1. Separately Managed Accounts

5.2.2. External Managed Account Platform

5.2.3. Internal Managed Account Platform

5.3. Hypotheses, Advantages, and Disadvantages of MACs

5.3.1. Advantages

Liquidity

Control of Assets and Fee Payments

Transparency and Risk Management

Tax Efficiency

5.3.2. Disadvantages

Costs

Tracking Error

Operational Complexity

Direct Ownership of Assets

Investment Universe

5.4. Survey

5.4.1. Questionnaire and Data

5.4.2. Results

The Use ...

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