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Palm Beach Gardens, Florida–based fund of funds firm Lighthouse Partners runs one of the industry’s largest managed accounts platforms, overseeing personalized hedge fund portfolios tailored to individual investors’ preferences. The firm introduced managed accounts at inception in 1999, but ramped up the program six years later when it began the laborious process of converting hedge fund pooled investments into individual, customized accounts. The advantage: Managed accounts offer daily transparency, liquidity and asset control and generally charge lower fees. Within five years, Lighthouse Partners had convinced about three-quarters of its underlying managers to jump on board…
