After taking some faltering steps in the direction of retail, it looks as if, at long last, the UK Financial Services Authority is finally to allow funds of hedge funds into retail hands. (See our story on page 1) This is to be welcomed in principle, even if the industry does not fully embrace it immediately in practice.
Why? It is to be welcomed because retail investors deserve well-diversified, non-correlated returns as much as do high-net-worth and institutional allocators. It is to be