Hedge funds are 'dead as doornails' for the wealthy, says Tiger21

Michael Sonnenfeldt, founder, CEO and chairman of Tiger 21.

Adam Jeffrey | CNBC

Hedge funds are “dead” as an investment class for the wealthy, said Michael Sonnenfeld, founder and chairman of Tiger21, a network of high-net-worth investors and entrepreneurs.

Data from the network showed that Tiger 21 members' allocations to hedge funds fell to 2% from 12% over the past 16 years.

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