Hedge fund mangers that have traditionally adopted fund-of-fund structures are looking to introduce separate mandate structures to institutional investors.

Global hedge fund managers Ramius and CCP will now be offering such mandates to Australian superannuation funds.

The two managers are represented locally by alternative investment advisory group Hatfield Liptak.

The global financial crisis will change the way hedge fund managers operate, particularly those with fund-of-fund structures, according to Hatfield Liptak director Damien Hatfield.

Hatfield said institutional investors such as superannuation funds are now demanding greater transparency to their hedge fund investments.

"By adopting separate mandates, investors feel that they will get greater transparency and accountability rather than the standard fund-of-fund structure," he said.

Under a separate mandate, investors have a greater alignment with the underlying managers they invest in. The structures also offer investors the opportunity to choose what asset class they would like exposure to.

"Having direct exposure to such structures also allows investors to appoint their own custodian or administrator," Hatfield said.

As part of this strategy, investors will also be meeting with the managers they are looking to invest in, he said.

Fees will also be set for a revamp, according to Hatfield.

"Incentive fees will go under a mandate structure and overall we will most likely see a fall in fees," he said.

The emergence of separate mandate structures will also mean a greater demand by superannuation funds for investment expertise in the area of hedge funds.

"We have had two super funds contact us looking for people in this area of expertise," Hatfield said.

Hatfield Liptak will be looking to add more managers to its line-up.

The firm is in talks with an emerging markets manager, a global macro fixed interest manager and a credit fund.

The firm manages about $140 million on behalf of five managers.