Hedge Funds have been the ultimate force behind high management fees plus high performance fees - the average fund is currently charging a 2% management fee per annum plus a whopping 20% performance fee with a high water mark.
(I-Newswire) - Hedge Funds have been the ultimate force behind high management fees plus high performance fees - the average fund is currently charging a 2% management fee per annum plus a whopping 20% performance fee with a high water mark.
If the manager performs well with a reasonable risk-tolerance level the above fees could be justified but now add non-transparency, hard to value holdings, lockups, heavy leverage and the mix is starting to make less sense.
Martin Asset Management, LLC ( MAM ) a Los Angeles based boutique investment firm is offering its new "Hedge Plus" separate managed account product with all the features one would usually find in a hedge fund strategy, such as leverage, short positions, commodities, currencies, fixed income and real estate holdings. MAM exclusively uses Exchange Traded Funds ( ETFs ) to achieve its asset allocation. "We use leveraged, inversely correlated ETFs as well as country specific and sector ETFs to achieve a very well diversified Global portfolio strategy. ETFs allow us to quickly move in and out of already diversified baskets of asset classes without the liquidity issue. Furthermore, we have no lockups and no management fees. We only get paid if we are able to perform and that is a win-win situation which no other asset management firm is currently offering", says Francisco Martin, Chief Investment Officer and Founder of Martin Asset Management.
This could be truly a new trend in wealth management. In a world where clients are extremely sophisticated this seems to be the only fee strategy that will resonate well and compensate managers for producing real returns.
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