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The other day, I asked how hedge funds manage to bestow such great riches on their managers despite the fact that, in many cases, their performance seems pretty ordinary.
For pension funds manage huge sums on Britons' behalf.
Hedge funds manage about $1tn£67bnbn) of assets.
The real threat is to smaller operators—half of all hedge funds manage less than $100m.
Very few funds manage to repeat top-half or top-quartile performance consistently.
Hedge funds and private equity funds manage money for wealthy individuals and institutions like pension funds.
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A decade ago hedge funds managed $257 billion.
In 1949, mutual funds managed assets of $2 billion.
Other funds managed by Andor have also done poorly.
Today the world has more than 8,000 hedge funds, managing more than $1 trillion (see chart).
Now billions are invested by funds managed by teams of doctors and scientists with Ph.D.'s".
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