AQR’s Cliff Asness Critiques the DoL’s Fiduciary Rule
The hedge fund manager warns of unintended consequences that may arise from the attempt to regulate adviser conflicts.
Frances Denmark
December 17, 2025
Cliff Asness, co-founder and managing principal of investment firm AQR Capital Management LLC, speaks during a Bloomberg Television interview in New York, U.S., on Monday, Nov. 16, 2015. Asness said hedge funds don't protect enough against potential market losses and reiterated that the industry charges clients too much. Photographer: Chris Goodney/Bloomberg *** Local Caption *** Cliff Asness
Chris Goodney/Bloomberg
