Rising stars

The exponential growth in both the number of hedge funds and the assets they command is well attested.

While the asset class has not yet permeated deeply into some branches of institutional investment ' for example, pension funds ' the speed of the recovery in confidence after the difficult days of 1998 confirms that in other quarters the argument for hedge funds has been won.

The fundamental case is clear: investors and consultants have grown increasingly to distinguish alpha, the non-systemati