Hard cases make bad law, the saying goes, and critics of the Financial Services Authority say the UK regulator is responding disproportionately to

Lehman Brothers and Aladdin Capital are raising multi-billion-dollar funds to back small hedge fund managers.

"One of the trends that we are seeing is the globalisation and institutionalisation of the hedge fund industry,’ says Jessel Mendes, a partner in Ernst & Young’s Bermuda hedge fund practic

‘Bermuda has long been one of the world’s leading offshore financial services centres,’ says Chris Harkness, Managing Director of Bermuda-based fund administrator Swiss Fund Services.

The Bermuda Stock Exchange (BSX) has been in existence since 1971 and has carved a niche in the global stock exchange industry, with nearly 550 listed issuers with a combined market capitalisation

Institutional investors are forming a larger proportion of the investor base of hedge funds globally.

Olympia Capital was founded in 1990 and its net assets under administration have grown from $650 million at inception to over $66 billion as of March 31, 2008.

Established three years ago with one single fund of hedge funds mandate, Swiss Fund Services now administers more than 45 funds from its offices in Hamilton, Bermuda and Johannesburg, South Africa.

Alternative investment manager Castlestone Management, which manages around USD1bn in assets, has announced five new appointments to its UK sales f