More tales from the top of the world. Or at least the top of the market.
Some wealthy investors are so keen to get a foot in the door they are taking sly steps to get their cash into so-called "closed" funds. Several funds have seen well-off individuals transfer money to their depository bank, triggering automatic issuance of units in the fund, even though they were not wanted.
"It is incredibly annoying," says one London fund manager who has been closed for several years. "People are quite flabbergasted, especially very wealthy people, when you send their money back."
Most of the tactics used by investors are less underhand. Big institutions know closed hedge fund managers often accept money from longstanding clients, friends, "good" investors and charity funds. Even the toughest fund manager is likely to replace redemptions, operating a wait list for these investment chances.
Rich try unusual moves to join hedge funds [Financial Times]