A $1 trillion tip of the iceberg


To the amazement of many outside the hedge fund industry, no one actually knows the size of the business. People know roughly how big it is and quote a number of somewhere in the region of $700-$800 billion. But no one is sure, and this number seems to have been frozen in time and may, in fact, be in need of an upward revision which would take it to over $1 trillion.

If this is right - and more on the logic of how you get there later - it has far-reaching implications for everyone, not least the regulators