Custom House - a managed future

Over the past several years, hedge fund conferences have often been dominated by the proponents or opponents of funds of hedge funds (FoHFs), on the one hand, and multi-strategy funds (MSFs) on the other. There are quite obvious pros and cons and this has been a fairly close run thing, although the recent Amaranth debacle has undoubtedly mitigated against MSFs for the time being. The tortoise that has crept up on these two hares has been the multi-managed account platform (Map), often structured as a master feeder fund (MFF). It is clear the Map offers all the advantages of both FoHFs...