Moments in Investing History You've Never Heard Of: The Origin of Two-And-Twenty



The founder of the first hedge(d) fund was A. W. Jones, who decided to price his offering based on the way fees were charged by ancient Phoenician captains—a base fee of 2% of capital and 20% of profits. That "two-and-twenty" structure survives in hedge funds today. To learn more about the history of investment, visit our website, www.investmentahistory.com.

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