The boom in South African hedge funds over the past few years has taken place against the backdrop of an extended bull run in the country's equities market, continuing economic growth and political stability. At the same time, the absence of any specific hedge fund regulation means the industry was open to any entrepreneurial investment managers who thought they could turn a profit in a rising market.
That setting now looks very different. Since hitting a high of 31,531.05 on October 11, the FTS
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