Today, the increased correlation of hedge fund returns has been driven by an overall decline in the volatility of returns in financial markets, the economist added. Hedge fund returns have become much more correlated of late, meaning managers are generating similar gains and losses in similar market conditions, according to a study by Tobias Adrian, an economist at the bank. And as LTCM collapsed, hedge fund return correlations declined sharply as some managers profited from the crisis and...

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