In reply to Timmd:
I think the op means a draw cord to cinch in round the back of the head to reduce the volume.
Still, it does seem like a bit of an oversight for a down jacket. My old ME Vega has a simple velcro strip at the back of the hood to reduce volume. It's not very effective.
To the op: didn't you try the jacket on first before shelling out a lot of cash for one? I caved in last year and bought a micro down after the UKC group review. I planned to get the Rab alpine summit after it got best in test but the hood felt baggy in the shop so I ended up getting a Berghaus one instead which has an awesome hood with or without a helmet on.