Jerome De Lavenere Lussan, Laven Partners

Hedge fund managers based in the UK are relatively lightly regulated as the Financial Services Authority (FSA) applies a principles-based approach. This means the main issue for hedge funds is often how best to interpret the regulations to suit their business. This is a particular problem for small managers who do not have a dedicated compliance resource and it leads to a heavy reliance on consultants or poor compliance. The FSA has proposed introducing retail customers to funds of alternative h