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HNW clients to get benefit of changes

The FSA plans allowing funds of hedge funds will mostly benefit high-net-worth clients, says BestInvest’s Justin Modray.

He believes current levels of exposure are already sufficient for standard clients looking for diversification.

Modray told the round table meeting he believes having exposure to quoted hedge funds on the London Stock Exchange and onshore Ucits III vehicles should satisfy the majority of current demand despite the fact there are only a handful of Ucits III vehicles currently available.

Modray said the majority of clients will look to diversify in a Isa/Pep in hedge funds by using a Ucits III onshore vehicle, saying they are an ideal way to get a limited exposure.

He said: “It is somewhat limited in comparison with a fully fledged fund of hedge funds but it is what clients are looking for in terms of basic long/shorting, with some downside protection with upside coming in the longer term.

“For higher-net-worth clients, there is more of a demand for fund of hedge funds and single-strategy vehicles. The problem for advisers is qualifying the risk as we are not experts in that arena. We have to rely on fund of hedge fund managers.”

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