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Tony Blair offers stirring defense of 'misunderstood' hedge funds


Former U.K. Prime Minister adds that ever-rising fees "have ended."

Festivities on the second night of the AlphaMetrix Miami 2013 Summit.

MIAMI -- The hedge fund industry found an unexpected champion Thursday at the AlphaMetrix Miami 2013 Summit, as former U.K. Prime Minister Tony Blair delivered a rallying cry heard 'round the Fontainebleau Resort's lavish "Glimmer" Ballroom.

"Some of the criticisms that are leveled on hedge funds and private equity are based on a complete misunderstanding of what they do and their impact on the economy," Blair pronounced.

Sounding sometimes as much a hedge fund PM as a political one, Blair struck a note that