Too innovative for the regulators
December provided a rather inglorious end to the year for hedge fund practitioners, with strategies uncovered that regulators in both the US and in Europe found a little too 'innovative' for their liking.
However, from an investment standpoint, 2003 will be remembered for some extraordinary successes: emerging markets up 23% to end October and distressed up 22%, according to figures from Tass. All told, the hedge fund universe is up a very healthy 12%.
Furthermore, the $45bn Tass saw flow into
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