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September 15, 2003 at 08:00 PM
CAYMAN ISLANDS (HedgeWorld.com)–Oxford Advisors decided to lower the management fees on its Oxford Alternative Strategy Fund to be more in line with the fees offered by other firms catering to institutional investors.
The fund’s fee of 1.5% will become 1% annually, and for investors with account balances of more than US$10 million, the annual management fee will be reduced to 0.6%, through the use of rebates.
Patrick Harrigan, managing director of Oxford, said that his firm is finding that in the institutional fund of hedge funds arena, the trend is to lower fees. Earlier this month, Platinum Capital announced a similar reduction in fees with officials citing competitive reasons for the change .
“Hedge funds and funds of funds have been able to justify higher fees in the past on the basis that they could outperform in an uncertain and falling market,” Mr. Harrigan said in a statement. “That is not necessarily the case going forward and investors are beginning to put downwards pressure on the fees that have traditionally been charged.
