If an investor can find actual alpha in a hedge fund investment they should be willing to pay 3 percent (management fee) and 30 percent (incentive fee), Nikki Tippins, managing director and head of Americas equity derivatives distribution at Morgan Stanley (NYSE:MS) said during a liquid alternatives panel discussion at the Morningstar ETF Conference. Acknowledging that Hedge Funds who can outperform a benchmark offer significant value, she said if alpha can't be found "don’t pay 2 percent / 20 percent for something that can be replicated.” Tippins acknowledge hedge funds are an important component of an institutional allocation and reiterated that...