The Ucits mess

When the European Economic Community was founded after the Second World War, in 1957, hedge funds were very much in their infancy - an Australian by the name of Alfred Jones developed the first one in 1949.

Few could have foreseen back then the coming together of the two worlds again almost 50 years later, in 2005. Maybe not so much 'coming together' as a 'clash' of the two worlds.

As our feature on pages 10-12 shows, the financial manifestation of the European dream of unity - as embodied in