A measured risk

The words 'hedge fund' and 'guarantee' do not sit easily together. In theory, if you want a guaranteed bond you go to a building society or a bank. If, on the other hand, you want a rollercoaster ride through the global financial and commodity markets, you invest in a hedge fund. Yet the growing number of guaranteed, or at the very least, protected hedge fund investments that are now available in Europe is a sign that this simplistic theory is changing.

However, opinion is divided as to whet