Reduced Fees – The hedge fund manager reduces or waives management or performance fees for the investor. Not much, apparently. Not yet, at least. An ASL spokesman recently commented in a newspaper article that the FSA does not consider the investment conditions set by hedge funds, given that hedge funds themselves are usually established outside their jurisdiction in the UK. NPLs that authorize secondary letters may forward the “how and when” of secondary letters to other sponsors. It is not surprising that some financial market supervisors and private equity industry groups and associations/hedge funds have developed general positions regarding disclosure of the existence of ancillary letters between limited partners. . . .