Hedge funds-of-funds took in $26.4 billion in the first nine months of the year, nearly half of the net new flows into all types of hedge funds, Bloomberg reports. The business of overseeing hedge fund assets managed by other individuals now accounts for nearly 40% of the $890 billion global hedge fund business, a 33% increase from 2002, according to Hedge Fund Research.

The burgeoning number of hedge funds now exceeding 7,000 investments has created a market for investment professionals offering financial counseling to affluent individuals. American institutional investorsÂ’ assets under management in hedge funds are projected to increase fivefold from $60 billion to $300 billion during the next five years, according to a separate report.

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