Still an industry of entrepreneurs?


Neil Wilson talks about the heart and soul of the hedge fund industry as the regulatory battles loom.

By Neil Wilson

As industry leaders do battle in Washington and Brussels about what rules hedge funds operate under, another struggle is going on behind the scenes. It is arguably about something more fundamental—the heart and soul of the industry.

Industry lobby groups—like the Managed Funds Association in the United States and the Alternative Investment Management Association internationally—appear to have done an increasingly effective job over the past year or so. They have been much more vigorous and concerted than in the past at explaining the industry's case to lawmakers and