Opinion: Are asset owners losing patience with hedge fund fee structures?

A coalition of powerful pension funds led by the Teacher Retirement System of Texas, and including global giants like Korea Investment Corporation (KIC), Singapore’s GIC and Canada's CDPQ, took aim at the hedge fund industry, demanding the adoption of cash hurdles on incentive fees. In other words, hedge funds need to outperform cash or its equivalent, 3-month Treasuries, before they get incentive fees. The open letter, signed by the institutions representing over $200 billion i…