Don't fear the regulator

AND IF there is one thing hedge fund managers don't like, it's being the limelight.

Fund managers and industry commentators can argue until they are blue in the face that to treat hedge funds as mere mortal funds will stifle the very creativity that makes them unique. But I believe the argument has moved on.

The debate in Europe now is not whether hedge funds should fall into the regulatory net, but by how much.

Is this such a bad thing? In the most extreme case, the price investors and manage