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Komfie Manalo, Opalesque Asia:

Hedge fund investors’ data provider Infovest21 said that 31% of funds of funds are offering '40 Act funds - the biggest change they have made over the past year. Infovest21's Annual Survey of Funds of Funds said 26% of those surveyed are offering more specialized product and another 26% are either considering or have formed a strategic partnership.

Infovest21 president Lois Peltz noted that funds of funds' top concerns in 2014 were institutional investors investing directly with hedge funds and undifferentiated product/performance. "In prior years, the largest concern has been the focus on large hedge fund managers (2013), institutional investors directly allocating to hedge funds (2012), loss of investor confidence (2011) and negative industry reputation (2009)," he said.

Infovest21 said the average asset size of the organizations surveyed is $3.9bn. Almost 69% of the respondents said their assets were larger than last year while 17% said assets were the same. About 14% said their assets were smaller than last year.

Of those surveyed, high net worth/family offices comprised almost one-quarter of the average investor base while pensions comprise 19%. Endowments and foundations each account for about 16% of the client base. Other financial institutions, sovereign wealth funds and insurance companies each account for 7% while charities account for 5%.

The average n......................

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