Rafik Patel, of FSP Search, in conversation with James Cullen about the growth in the hedge fund industry.

Q1: As an introduction, can you give us a broad brush description of the hedge fund universe?

The hedge fund industry consists of around 6,000 funds globally, and manages around $900 billion in assets. Many hedge funds are relatively young (less than five years old) and relatively small (less than $25 million under management), which emphasises the fact that hedge funds have only recently become popular with more mainstream investors.

Q2: We understand that the hedge fund market is no longer the special province of US-based operators, and that other areas