In 1969, Swiss Banque Privée Edmond de Rothschild’s vice-chairman and top investment strategist Georges Karlweis came up with a revolutionary idea: His newly founded offshore mutual fund would invest in several hedge funds instead of stocks and bonds. This innovative concept at a time when few hedge funds existed — the first was launched in 1949 — laid the groundwork for the nearly $575 billion fund-of-hedge funds industry that exists today. Over its 46-year existence, Leveraged Capital Holdings has granted small institutional and retail investors access to the often closed-off and exclusive hedge fund universe…