To buy or not to buy? The price is the question

Amid much gloom elsewhere in financial services, hedge fund managers are still smiling.

The inflow of money into hedge funds is unabated, frequent launches by both institutions and independent 'start-ups' continue, and recently there has been a spate of purchases of independent hedge fund and hedge fund of fund managers at prices which have created excitement.

Nevertheless, this euphoria should not mask the considerable valuation, due diligence and integration challenges facing the parties to thes