Hot start-ups absorb assets

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Equity funds beat other strategies in 2003 as the U.S. just stays ahead of Europe and Asia in the new fund game writes Katrina Dean Allen

Most of the money raised by new funds in 2003 went to funds that were launched by managers who had previously worked for one of the big hedge fund groups, as record sums flowed into the biggest U.S. start-ups in the course of the year. Such was the concentration of asset raising that the top 73 start-ups raised $21.8 billion last year, according to research by Absolute Return.

Hot start-ups were able to hit