A Comparison of the European and U.S. Funds of Hedge Funds Industries

This article empirically investigates regional differences in the performance of funds of hedge funds (FHFs). It uses descriptive variables and time series for 533 FHFs from the Lipper TASS Hedge Fund Database and segregates them into regional peer groups. The article shows that fees are generally h...

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Bibliographic Details
Published in:Journal of Investing 2010-12, Vol.19 (4), p.15-22
Main Authors: Heidorn, Thomas, Kaiser, Dieter G., Kleinert, Nico
Format: Article
Language:English
Subjects:
Age
Bias
Comparative studies
Fees & charges
Hedge funds
Institutional investments
Investment advisors
Kurtosis
Regions
Skewness
Standard deviation
Time series
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Summary:This article empirically investigates regional differences in the performance of funds of hedge funds (FHFs). It uses descriptive variables and time series for 533 FHFs from the Lipper TASS Hedge Fund Database and segregates them into regional peer groups. The article shows that fees are generally higher in Europe than in the U.S., that redemption periods are longer in the U.S. than in Europe, and that assets under management tend to be higher in Europe. Additionally, we find that European-based FHFs exhibit a stronger home bias than their U.S. counterparts and that U.S.-based FHFs appear to invest more heavily in emerging hedge fund managers. [PUBLICATION ABSTRACT]
ISSN:1068-0896
2168-8613
DOI:10.3905/joi.2010.19.4.015