Finance: Living on the hedge
Although criticised by politicians, unions and the popular media, anyone with a knowledge of financial markets will be aware of the investment power of hedge funds and private equity funds. Notwithstanding the recent anniversary of the credit crunch and negative economic forecasts by many, the sector as a whole has so far survived in relatively good shape (with the exception of one or two high profile blow-ups). New fund raising has continued, albeit on a smaller and slower scale. McKinsey estimates that the alternative investment funds industry currently has approximately $3trn (£1.7trn) under management. McKinsey has also hailed the alternative fund industry as being one of the 'new power brokers' in the world economy, alongside sovereign wealth funds and oil majors.
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