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Breakingviews: Headwinds ahead for hedge funds

Richard Beales
Richard Perry
Heidi Gutman | CNBC

The flies keep dropping in hedge-fund land. Perry Capital is winding down its main funds, while Brevan Howard is cutting its management charges for some investors. Across the industry, decent returns are hard to find even before fees. Weaker performers wishing to continue in business are under pressure to charge less for their services. Some, like veteran Richard Perry, will choose just to give up.