Known as funds-of-funds, firms such as Financial Risk Management and Synergy Fund Management have received billions of dollars from investors in order to assemble diversified portfolios of underlying hedge funds.

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Yet if a hedge fund moves from London to Geneva, it does not reduce the risk of the British financial system one jot.

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No individual investor would ever have the financial incentive or wherewithal to bring a complicated case showing that Schwab had loaded its Yield Plus Fund with high-risk bonds.

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Financial services are so globalised that it probably requires the International Monetary Fund to make new taxes on bonuses and financial transactions effective, along with other measures to curb excessive risk-taking.

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