Global Review 2007

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Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.

Introduction: A new global perspective on the fast-changing hedge fund industry Global Review 2007


  Barry Cohen                                   Neil Wilson

Barry Cohen, features and special reports editor, and Neil Wilson, managing editor, HedgeFund Intelligence

The pace of growth throughout the global hedge fund industry has been nothing less than astonishing. It seems like only yesterday that everyone marvelled at how the industry accounted for an amazing $1 trillion in assets. Yet, as our data section here reveals, for the first time, global hedge fund assets have now raced on a lot further - and soared to over $2 trillion. And there is no sign of any slowdown yet in this dramatic rate of growth.

The phenomenal changes that have taken place in recent years have been accompanied by increasing comment - and even concern - from both regulatory bodies and the media. All too often, however, these concerns usually stem from what seems to us a toxic blend of incredulity and envy. Critics are frequently poorly informed about the nature of hedge funds - and the tremendous diversity and complexity of strategies. As soon as hiccups occur in the global financial markets, it seems that government officials and media commentators are quick to point an accusatory finger at hedge funds as the cause of whatever is the current crisis of the day.

Nevertheless, behind the scenes the hedge fund industry is rapidly diversifying - as managers continue to strive as ever to identify new sources of alpha, and create the vehicles and instruments to harvest potential opportunities. At a time of much innovation, even those working inside the industry are hard pressed to keep abreast of this fast-changing landscape. To address a number of these issues, HedgeFund Intelligence believes the time is ripe now to launch this Global Review, the first-ever publication of this genre available to the hedge fund industry.

In order to provide a complete global perspective, the editors of the HedgeFund Intelligence publications have contributed overviews on each of the main geographical regions of the hedge fund industry. Drawing on our in-house expertise and extensive database, our editors review recent developments and look ahead to identify the key issues likely to have an impact in the coming year.

Underpinning our ability to deliver informed news, analysis and comment on the global industry has always been the excellent work conducted by the HedgeFund Intelligence research and data team. The EuroHedge database has long been regarded as the most complete source of factual information on European hedge funds, and the AsiaHedge database similarly for Asia-Pacific funds. The Absolute Return Billion Dollar Club has for some time provided the most complete picture of the biggest single-manager hedge fund groups in the US, while the InvestHedge Billion Dollar Club has provided similar detail on the global fund of funds industry.

Here, for the first time, we have decided to bring together all these various sources of research and data - to compile what we believe is the most detailed analysis of the global industry ever published hitherto. Included in this is the first-ever listing of a Global Billion Dollar Club - comprising not only the fund groups in the US that run over $1 billion, but all the billion-dollar firms from around the world. The data underlying this listing also underpins our conclusion that the industry has now breached the landmark $2 trillion figure - as detailed in our analysis in 'The Global Billion Dollar Club - and the $2 trillion industry'.

We are also delighted to present in this Global Review a series of fascinating commentaries on what is going on in the industry from some outstanding contributors who are major players in the global industry. The wide range of authors includes hedge fund managers, investment bankers, investors, economists and lawyers, plus other advisers and service providers. Their articles are informed by a wealth of experience and knowledge. Indeed, a good number of these contributors can confidently claim to be pioneers of the industry as well as experts in their respective fields.

While it might be impossible to deal with the whole range of contemporary issues, we have attempted to address some of the key areas of interest for industry participants. In addition to novel insights on the macro picture, the review also provides a forum for airing of views on specific investor concerns and wider industry issues. Several contributors make the case for competing types of business models, while others deal with an analysis of the global risk premium and the possible impact of climate change on hedge fund operations. The surge of activism in the industry is vigorously defended by one of its leading proponents. And, equally importantly, controversial regulatory and tax issues, which are so frequently in the headlines, are discussed by leading hedge fund lawyers and tax experts.

We hope this review contributes to a better understanding of our dynamic and fast evolving industry as well as the challenges we face in the years ahead. After all, we have always believed that a better-informed hedge fund universe should prove to be a stronger and more viable one in the longer-term.