# kaal:claim:2715083-022

**Claim.** The cost savings of the multimanager series trust model are a confluence mechanism: they let a growing number of smaller hedge fund advisers reach retail investors by launching a mutual fund.

**Type.** mechanism  **Support.** argued

**Holds when.**

- smaller investment advisers by assets under management
- advisers seeking retail distribution

**Source quote.**

> The cost savings associated with the multimanager series trust governance model allow the increasing number of smaller hedge fund investment advisers to attract retail investors by setting up a mutual fund.

**From.** Kaal, *Confluence of Mutual and Private Funds* (2016), IV.1 Investor Preferences, page 12

**Cite as.** Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

**Verify.** sha256 of source PDF `b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Confluence%20of%20Mutual%20and%20Private%20Funds.pdf

**Topics.** reputation, economics

**Keywords.** multimanager-series-trust, cost-efficiency, confluence, retail-distribution

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