2004•The Journal of Alternative InvestmentsRequires access

On the Role of Hedge Funds in Institutional Portfolios

Hilary Till

Abstract

Hedge funds do not easily fit into the current way institutions go about investing. Based on a survey of recent academic and practitioner research, the author reviews six competing frameworks for how to incorporate hedge funds in institutional portfolios. Each framework has very different implications for institutional asset allocation, manager selection, and benchmarking.

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Key concepts: Institutional investor, Hedge fund, Alternative beta, Global assets under management, Business, Benchmarking, Hedge accounting, Fund of funds