Two-thirds of Global Pensions readers investing in hedge funds still rely on fund of funds for their exposure.
Some 33.33% of respondents who had originally accessed hedge funds through funds of hedge funds have now moved into direct exposure to the asset class, echoing similar findings in a survey carried out by Preqin.
Many respondents said they still do not invest in hedge funds, while others said they use a mix of both direct and FOF exposure.
One said: “We never considered FOF since we believe it means ‘fees on fees’. We have always desired to focus on direct allocations to specific styles of hedge funds. It is not a homogeneous asset area. Frankly, a hedge fund is simply a business structure and not an asset class.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.