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Primary Article

Integration of Hedge Funds and Wealth Transfer Structures

Where Should They Be and Why?

Bruce L. Paulson
The Journal of Wealth Management Fall 2003, 6 (2) 78-85; DOI: https://doi.org/10.3905/jwm.2003.320483
Bruce L. Paulson
A senior vice president in the Family Wealth Group at U.S. Trust Company in Minneapolis, MN.
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Abstract

This article examines the issue of where hedge funds should be “located” (a location being defined as a holding structure within an investor's wealth) in order to maximize the effectiveness of these strategies, which can reduce portfolio volatility, increase “risk-adjusted” return and provide these benefits without correlation to major market indices. The author notes that, not surprisingly, owners or employees in smaller, entrepreneurial firms argue that these virtues persist and will repeat for a variety of organizational reasons, not the least of which is an environment which encourages independent decision making. He then turns to three questions. First, how might we reduce the income tax cost of hedge fund ownership? Second, where might hedge funds be owned to maximize after-tax generational wealth accumulation? Third, given the low volatility characteristics of many hedge funds, where do they seem to fit best from an investment perspective? He begins with an overview on tax-efficient investing, and then discusses hedge funds in the context of specific wealth transfer strategies. (Note: The article was drafted before the Bush tax bill and does not consider the impact of these provisions upon hedge funds.)

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The Journal of Wealth Management
Vol. 6, Issue 2
Fall 2003
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Integration of Hedge Funds and Wealth Transfer Structures
Bruce L. Paulson
The Journal of Wealth Management Jul 2003, 6 (2) 78-85; DOI: 10.3905/jwm.2003.320483

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Integration of Hedge Funds and Wealth Transfer Structures
Bruce L. Paulson
The Journal of Wealth Management Jul 2003, 6 (2) 78-85; DOI: 10.3905/jwm.2003.320483
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