Some of these services, especially pension funds, will invest into hedge funds, who take an additional 2 and 20 (meaning 2% of assets plus 20% of capital gains)

Some of these services, especially pension funds, will invest into hedge funds, who take an additional 2 and 20 (meaning 2% of assets plus 20% of capital gains). What this means is that if you go any of the traditional retail routes, you are utterly screwed facing off against the hedge funds. Two of the most completely unreasonable sentences joined together. Hedge funds' ruinous fee structures give hedge fund investors an advantage...? Uh, no.