Does Spanish regulation need to change before hedge funds can flourish?

A growing pensions culture in Spain means the Iberian market is ripe for hedge fund consumption, but given the nation's extremely complex regulatory framework it could be difficult for providers to capitalise on this.

Statistics from PricewaterhouseCoopers show that about 40% of Spanish savings are in deposits and most of another 20% is invested in fixed interest funds.

Antonio Greno Hidalgo, Pricewaterhouse Coopers' Spanish head of investment management industry services, says: 'Spain has one o