The personal touch

The hedge fund industry has always been a people business - while for single managers it is definitely what they know (and how they apply this), for capital raising it has always been a case of who you know. This has been one of the key reasons pension funds have been a hard nut to crack, in Europe at least.

In the main, their consultants have not been a group that has traditionally worked on the basis of contacts - more a case of you're either on their list, or you're not, and possibly left