It's worth pointing out that the FT's 84% figure is NOT correct, though that actually further reinforces the point that fund managers are fleecing their investo

It's worth pointing out that the FT's 84% figure is NOT correct, though that actually further reinforces the point that fund managers are fleecing their investors. While the funds collectively realized $449bn in investment gains and paid out $379bn in fees to managers, the hedge funds earned a significant portion of these fees without making their clients a penny. Rather a fraction of the $379bn is a share of the gains fund managers made their clients, while the (likely very large) remainder of the $449 is derived from straight management fees (typically 2% of invested assets).