Merrill beats LTCM blues


It was inevitable and now it is official: the big investment banks led by CSFB, UBS and Merrill Lynch are getting back into the game of raising money for hedge funds, and about time too. The banks sell everything from private equity to internet or mining stocks; yet, until now, they have been frightened to sell the best performing asset class in the world.

Obviously, we know why. The job of raising money for hedge funds became a dangerous business following the demise of Long-Term Capital Management, which left Merrill Lynch, which had raised so much money for John