The arrival this summer of a new EU-regulated multi-asset hedge fund from Man Group that charges a low fixed management fee and no performance levy has added further momentum to the war over hedge fund fees. Investment returns, however, are still what wins investors’ money.

The Ucits regulated European fund market has attracted about £104.6 billion of assets from investors who favour the stricter EU rules on strategies, liquidity, leverage and disclosure than the less-constrained offshore hedge fund market.