White Paper: The Evolving Role of Funds of Funds


This white paper explores how funds of funds have evolved since the financial crisis. While some continue along the same path, many have branched out and have become outsourced CIOs while others are niche specialists focusing on emerging managers or other sectors. Others have become funds of managed accounts. A few select funds of funds are getting into direct investing while a few others are focusing on providing operations, taking over the back and middle offices for hedge funds and smaller funds of funds.

Consolidation continues in the space as the number of funds and aggregated assets have fallen drastically. The paper examines characteristics of those funds of funds that have survived and what the outlook may be.

Tables include largest funds of funds by assets under management, percentage of institutional assets at major funds of funds,  and M&A activity.


35 pages including tables and charts

Table of Contents:

The Underlying Problems

Evolving Roles

Characteristics of Funds that Have Survived


Changing Institutional Needs