Hedge funds deserve specialists

Eight or 10 years ago it was all about global macro managers. Today an outsider could be forgiven for thinking that the hedge fund industry is exclusively focused on long/short equities investment undertaken by managers who, until recently, were luminaries of household name, traditional investment houses.

The figures tend to bear out that view, at least in terms of money raised. In the second half of 2000, for example, Tass reports over 80% of new hedge fund investment went into long/short eq