Seward & Kissel LLP recently released its second annual study of established hedge fund managers, i.e, those that have been in business for more than five years and have at least $1 billion in regulatory assets under management. The study, which focused on managers that launched new funds or new fund classes in 2023, focused on the strategies offered, management fees, incentive compensation, redemption rights and fund structures. Notably, most managers in the study pursue traditional, rather than bespoke, investment strategies, with traditional strategies commanding significantly higher management fees than bespoke strategies. This article discusses the key findings from the study, with commentary from Seward & Kissel partner Daniel Bresler. See “Investment Fund Survey Finds Growing Investor Bargaining Power” (Aug. 17, 2023).