As Asia continues to grow, he sees an  increase in demand for regional private equity  and infrastructure investments.  He also predicts further growth in alpha  extension management – such as 130:30 long/  short equity funds – because of their resilience  over various market cycles.  “In the rising market, our alpha extension  manager, Tribeca Investment Partners, did  well and it protected its positions in the falling  market. We are starting to see more interest  again, too, in the hedge fund space.”  The issue of fees, he believes, only arises  when managers don’t deliver on their promises.  Frontier, for its part, has been looking to  pioneer a new fee structure for some of its  clients’ managers whereby the manager is paid  an agreed base fee to cover overheads and then  a performance fee on top. This would break the  nexus between remuneration and FUM.