The last few years have been challenging ones for hedge funds, with reduced returns and assets being coupled with an unrelenting focus on the hedge fund industry as a whole by investors, regulators, tax authorities and indeed the general public. Recent fines imposed by regulators for supposed transgressions and the European drive towards pushing through the Alternative Investment Fund Managers Directive are evidence of a tougher stance, particularly by European politicians who have had hedge funds in their sights since well before the financial crisis. With the advent of the crisis, US and Asian authorities are also in the process of introducing more stringent tax and regulatory measures.
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