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The Next Wave

机译：下一波

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When Chris Hitchen, CEO of the U.K's Railways Pension Trustee Co., announced in March 2005 that its subsidiary, Railpen Investments, would make its maiden allocation to hedge funds — £600 million (then $1.15 billion) — he quickly learned that his investment options would be directly influenced by an unexpected force: the U.S. government. For more than 30 years, investors like Hitchen have been at the mercy of an arcane rule from the U.S. Department of Labor that effectively limited how much money pension plans could invest in hedge funds. The measure required hedge funds to become qualified professional asset managers (essentially, fiduciaries) if 25 percent or more of their assets in any given fund share class they offered came from commingled corporate and public or non-U.S. pension plans. Hedge fund managers, abhorring the regulatory headache, simply cut their capacity for those assets. Many set their caps at 15 percent of their assets, severely limiting options for prospective hedge fund investors. In practice this was more onerous for non-U.S. plans, which had come to hedge investing later.
机译：当英国铁路养恤金受托人公司首席执行官克里斯·希钦（Chris Hitchen）在2005年3月宣布其子公司Railpen Investments将对冲基金进行首次分配时，即6亿英镑（当时为11.5亿美元），他很快了解到，投资选择将直接受到意料之外的力量的影响：美国政府。 30多年来，像希钦（Hitchen）这样的投资者一直受到美国劳工部的一项不可思议的规则的支配，该规则实际上限制了养老金计划可以投资于对冲基金的资金数量。如果对冲基金提供的任何给定基金份额类别中的资产的25％或更多来自混合的公司与公共或非美国养老金计划，则该措施要求对冲基金成为合格的专业资产管理人（基本上是受托人）。对冲基金经理们避免了监管上的麻烦，只是削减了他们处理这些资产的能力。许多人将资产上限设定为资产的15％，从而严重限制了潜在对冲基金投资者的选择权。实际上，对于非美国计划而言，这更为繁重，后者后来才对冲投资。

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