It seemed a match made in heaven — hedge funds and family offices, naturally discreet partners with a strong mutual attraction. The former sought long-term commitment; the latter pined for uncorrelated returns.
But even the most outwardly perfect of couples can suffer a rough patch, and that’s what seems to have happened over the past several months as family offices — big and small, single and multiple, old and new — have questioned just how solid their relationship with hedge funds is after the way some managers...
