Pioneer spirit

Gilles Du Fretay's firm, HDF, was the first to offer an onshore fund of funds in France. Without the stifling rules of the past, HDF is now free to come of age

HDF, a pioneer of onshore French hedge funds, now hopes to capitalise on France's changing regulations and the firm's established track record.

Founded in 1986, the company was one of the first to launch an alternative multi-manager fund and now manages around $1.6bn worth of assets and advises institutional and high-net-worth individuals.

The firm's path and investment process have been shaped by its founder, Gilles Du Fretay, who entered finance with a PhD in economics to work for Citibank for

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