By Andrew Lapkin – Institutional investors are increasingly shifting their hedge fund investments from traditional, commingled structures to Dedicated Managed Accounts (DMAs). A DMA is a customised single investor hedge fund with portfolio assets ultimately owned (and controlled) by the investor. One of the most attractive benefits of DMAs is the opportunity to utilise the DMA structure to achieve “structural alpha”. Structural alpha is the ability to enhance returns by taking advantage of the unique structural aspects of a DMA. There are several ways that investors achieve structural alpha through a DMA structure.