Can fiduciary responsibility be properly delegated?

Registered Investment Advisor under the SEC, Qualified Professional Asset Manager under ERISA

Is the fund free of conflicts of interest?

Employee owned with client focus and not owned by a larger entity with possible competing interest or agenda; only source of revenue is client base

Are the returns net of all fees

Returns should be disclosed net of both underlying hedge fund and fund of funds fees

Does the Hedge Fund of Funds have a seasoned investment team?

Direct experience with underlying strategies and instruments to properly assess portfolio during normal and abnormal markets

Does the investment team have a broad alternatives network?

Deep information flow leading to a fuller understanding of positions/strategies and ability to identify top performing funds

Are there risk management tools to support institutional investors?

Risk management needs to be "hands-on" and actionable to address changes in equity markets, interest rates, credit rates etc.

Is there active management, available capacity and attribution?

Nimble investment teams can quickly put money to work, seek next opportunity and provide "value-added"

Is there low to moderate use of leverage?

Most "blow ups" occur with highly leveraged strategies