The not-so-great pretender

qualified investor schemes

The reform of UK investment rules and the creation of specialised non-retail funds, especially Qualified Investor Scheme (QIS) funds for institutions and other sophisticated investors, provides an investment vehicle some experts have mooted as a long-awaited alternative to hedge funds.

William Davis, an associate in the UK Financial Services Authority's (FSA) regulations and policy team, said in November the QIS "could be the most risky authorised fund in the world."

While acknowledging that some

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