The hedge fund industry is expanding at breakneck speed in Europe. Once seen as an alternative asset class exclusively for the seriously rich, hedge funds are rapidly becoming mainstream.

Hardly a day passes without the launch of a new fund or fund of funds. High-profile departures from the asset management industry inevitably resurface running a hedge fund. Michael Dobson, the former Deutsche Bank director, is a case in point with the launch of Beaumont Capital. Even venerable Swiss private banks with a reputation for conservatism, such as Mirabaud et Cie, are unveiling long/short funds, as we report in our new hedge fund section.