New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.

像冲基金和管道机构---Pimco资金管理集团的Paul McCulley将它们称为“影子银行系统”---这样的新兴机构严重地依赖借入资金（或曰杠杆）。

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BlueCrest Capital Management, a leading British hedge-fund group, is establishing a Geneva office.

BlueCres资本管理公司，一家英国对冲基金的领头团队，正建立一个日内瓦办公室。

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Until now, the most eye-catching listings in London have been those of fund-management firms, such as Man Group, a hedge-fund conglomerate which went public in 1994.

到目前为止，伦敦最抢眼的上市公司仍是基金管理公司。

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BlueCrest Capital Management, a leading British hedge-fund group, is establishing a Geneva office.

ECONOMIST: London risks losing its global appeal

By November 2007, when the narrative ends, it was already clear to Mr Morris that this crisis was much more serious than the last big crunch, the 1998 Russian debt default and the bail-out of Long-Term Capital Management, an American hedge fund, by a group of banks under the Fed's direction.

ECONOMIST: The credit crunch

In recent news, Wells Fargo Asset Management announced obtaining a minority stake in privately held hedge fund firm, The Rock Creek Group, based in Washington, D.

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