US scandals could spark exodus

US accounting scandals such as WorldCom and Enron could drive US money into the arms of European hedge funds, according to prime brokers.

However, interest in hedge funds will depend on whether European firms start to produce their own similar scandals, something many managers believe is not unrealistic.

Lee Turkel, director of global securities finance at ING, said, historically, the US has been seen as the safe haven where markets and reporting practices have widely been perceived to be the most

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