Hedge fund investor Doug Kass said on Tuesday that he is shorting several invest...
FILE PHOTO: Doug Kass, founder of hedge fund Seabreeze Partners Management Inc, sits at his desk at his home in Palm Beach, Florida April 30, 2013. REUTERS/Joe Skipper/File Photo
Kass, who runs Seabreeze Partners Management, said in a note to clients that he does not believe investors are aware of how commoditized the money management business has become. “As an example, a year ago, a boutique fund manager, Salt Financial, began to pay clients five basis points a year to manage their money!” Kass wrote.
More importantly, the fee differential between active and passive managers is wide - with passive providing an attractive low-cost fee alternative to active, Kass said.
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