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FL, Aima: Perhaps to start with it would be helpful if I set the scene. Hedge fund assets under management globally are estimated at around $1 trillion. In Europe, 228 funds were set up last year that raised $20 billion of new money. Europe today is growing faster than America and, in turn, Asia is growing faster than Europe. So let’s first look at the positioning of hedge funds: what do we know about the investor base? Barry why don’t you go first?
BB, Deutsche Bank: Well, the volume figures are instructive.
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