"It's relatively simple to do due diligence on long-only management, but due diligence on alternative investments, which are more complex and may trade through multiple clearing firms," is a steeper hurdle, Waldert said.

Other companies, including those that cater to institutional investors, are also beefing up their expertise in alternative investments. Marsh & McLennan Cos.' Mercer Investment Consulting, for example, has made significant expansions in staffing for its alternatives boutique. The consulting firm added staff in the U.S. and Europe and is now, among other things, looking to add more in the Asia-Pacific region, said David Kaposi, global business leader for Mercer's alternatives boutique.

Mercer's clients include defined-benefit pension funds, foundations and sovereign-wealth funds. The consulting firm also works with defined-contribution plans, but those are less involved with alternatives, said Kaposi, who is based in Toronto.

"We've seen a growing interest on the part of our client base to build more sophisticated portfolios," he said. In 2008, many investors expected the assets in their portfolios to do a better job of diversifying than they actually did, Kaposi said. "We've been doing a lot of work with clients since then trying to find alternative investments with unique return drivers that will be better placed to provide diversification in difficult markets."

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