Fund of fund managers are embracing a new business model that will offer clients a wider range of services, as they fight to prove there is still a future for their “slowly dying” industry.

Matteo Dante Perruccio, chief executive of Hermes BPK Partners, which manages a fund of funds for the BT Pension Scheme, was speaking on a panel at the Terrappin Hedge 2010 conference in London yesterday.