Cefisa SA is a wealth management firm based in Geneva, Switzerland. The firm has 4 partners and currently manages $500 million; with about $30 million dedicated to alternative investments. Cefisa"s exposure to alternative investments is entirely through fund of hedge funds, as they are not permitted to make direct investments. They have very strong opinions on the current state of the hedge fund industry, and have specific requirements if they are going to be paying management and performance fees.