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Beverly Chandler, Opalesque London: The latest white paper from Global Perspectives asks Hedge Funds - end of the "Gilded Age"?. Global Perspectives’ Managing Director, Shane Brett, opens with a quote from The Economist from October 2012: "America’s top 25 hedge fund managers make more than all the CEOs of the S&P 500 combined". Hedge funds, Brett writes, have had an incredible run over the last two decades. "The annual salaries and bonuses of the most successful managers have been amongst the highest paid to anyone, anywhere, ever. Astronomical wealth has kept everything from top end international property to luxury goods to private yachts afloat for many years. This is starting to change."

Brett lists the drivers for change as increased regulation, decreased performance and greater competition. Change will come first within Europe, Brett believes, on the back of regulatory change with Brett specifically citing the new Remuneration Regulations within the the Alternative Investment Managers Fund Directive (AIFMD) which was finalized in December 2012 and contains some very specific rules relating to future hedge fund manager remuneration which will apply from July 2013. "All hedge funds managed or marketed in the 27 European countries of the European Union will have to pay their employees at least 50% of their remuneration package in the form of shares in their funds. Cash payouts are......................

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