Gwyn Roberts

@HFMWill How is Gaim? Inflows seem positive, but perormance has been mixed - how are the delegates feeling about this curate's egg?

@HFMWill and @HFMWeek are tweeting all week from @Gaim in Monaco. Expect some interesting news and views from the sector's big hitters.

RT @FinTuition: CalPERS backs new AIMA guide to promote investor/hedgie alignment of interests http://bit.ly/iYuLYR

It's over. Elana has done well - a quality panel, with some good points.

Ji-mei: having transparency doesn't save you from bad investing.

Neal not too concerned by information on positions. But he wants a credible admin valuing a manager.

Last audience question: what transparency do you expect from a fund? 'We want everything,' says Anthony. Particularly from smaller funds.

Learn how adapt your pitch depending on the client, says Joe. It's a good idea and one managers need to pay attention to.

Most small hedge funds don't know how to talk to family offices, says Joe. They give the same presentation that they'd give to Calpers.

Joe says some managers nervous of family offices, post redemptions of 2008.

Dealing with families, means Neal can look at small funds. The likes of Harvard Endowment won't look at this space, we do, he says.

Answer is: both. Neal also talks about capacity - large investors are basically forced to gravitate to large funds.

'Is your preference for small or large managers', asks an audience member.

Family offices do share info. Managers that can break into this group, stand to gain from referrals.

Human capital is vital, says Anthony. Before allocating he wants to know the quality of a fund's personnel.

Character and culture are vital when selecting a manager, says Ji-mei.

Neal is ex-Millennium. Really knowledgeable. He doesn't use cap intro or databases to source funds.