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Digital Subscriptions > The Hedge Fund Journal > Issue 112 - March | April 2016 > Succession Planning

Succession Planning

With SRZ’s leading fund formation group

Limited life, closed-ended hedge funds have sometimes been very successful pursuing strategies, such as shorting sub-prime mortgages in 2008 or shorting European sovereign debt in 2011. But the growing amount of time and money institutional investors devote to multi-month (or even multi-year) due diligence processes argue for funds that can outlive the job tenure of the allocators that selected them. Giant multi-strategy funds (pursuing systematic or discretionary strategies or a mix of both), often running eleven-figure sums, have garnered a substantial share of inflows into hedge funds. These versatile vehicles seek to provide investors with ‘all weather’ returns throughout the cycles for strategies and asset classes.

Hence, “Hedge fund managers are thinking about succession planning earlier on than they used to, but usually not on day one – and rarely in their offering documents,” says Stephanie R. Breslow, Schulte Roth & Zabel (SRZ) partner and co-head of the Investment Management Group. They want to have clear plans in place as part of the drive to become more institutionally palatable – and sometimes to help facilitate strategic deals.

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.