A study issued last week by Morgan Stanley shows that hedge funds generate brokerage incomes out of all proportion to their actual market weight in terms of invested assets.
No doubt reflecting the fact that most hedge funds are very actively traded, whereas most market investors change their holdings only occasionally, the study says that as much as 27 per cent of brokers' commission income was generated by hedge fund dealing in the past year.
Hedge funds are thought to comprise only about 1.5% of funds under management. There are said to be around 8,000 hedge funds, with nearly US$1 trillion in assets. Morgan Stanley's survey may be authoritative, given that it was recently voted the hedge fund industry's leading brokerage, alongside Goldman Sachs.
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