Spoilt for choice

Thanks for all your comments on last month's leader in which I suggested that large hedge fund groups were becoming homes for risk capital and in turn mini-investment banks. The comments, particularly from investment bank escapees, were dominated by disbelief that independent hedge funds managers would want to build a bank. Others called for a study of a comparison between mutual funds and hedge funds, analysing their returns by cost and volatility ' the premise being that mutual funds' costs an

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