A product of participation

Hedge funds the world over are feeling the heat. This includes the 140-odd funds that constitute the South African hedge fund industry, which, according to Peter Armitage, head of alternative investments at Investec Private Clients in Johannesburg, collectively manage in the region of R20 billion (about $2 billion), spread among 25 managers. "That's a pretty small market in terms of assets under management, and of that R20 billion, two funds account for R6 billion [roughly a third of the entire