Pensions funds spoil the hedge fund party

Matthew ridley

Ten, even five years ago, hedge funds elicited little enthusiasm from the mainstream investment community. One bear market later they have graduated from pariah to panacea.

Anecdotal evidence from the hedge fund community supports the notion that a tsunami of money engulfs the area. Early allocations of $5.2bn from Calpers, or $1bn from BT, pale in comparison with future intentions of the enormous pension and insurance industries.

Whenever the herd descends upon a specialist area of financial

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