Hedge funds for the masses are becoming a reality as managers slash their minimum investment levels to as low as $500, despite the possibility of global regulators raising barriers to entry. Phoenix Investment Partners, the $60bn (€53bn) US asset manager, has launched two funds designed to give clients with as little as $500 to invest access to hedge funds.

The minimum investment in the Phoenix Select Wealth Builder and Wealth Guardian funds is far lower than the $1m set by most funds with exposure to long/short techniques.