Largest launches gravitate to old standards despite industrywide fee pressure

Holocene Advisors and Light Sky Macro both charge some clients “2 and 20,” while Centiva embraces much-maligned “pass-through” expenses.

Hedge fund industry observers say startups are offering lower fees than predecessors and incorporating investor-friendly concessions as part of a power shift from asset manager to asset owner. But in spite of backlash against high fees, many of the largest new hedge funds this year charge base fees that exceed