Many famous hedge fund managers have declared that they never want to manage money for retail investors, but AQR Capital Management’s outspoken co-founder, Clifford Asness, is a staunch advocate for getting hedge fund strategies into the hands of mom-and-pop investors. And he’s hoping that these investors will also put pressure on what he thinks are unduly high fees charged by most hedge fund firms. If individuals can access profitable investment opportunities at low cost, his theory goes, institutions should too. Although retail investors pay lower fees, the firm’s courting of this investor base has turned out to be a fairly shrewd move...
