That war between companies and hedge funds has been nasty.

Working closely with European regulators, he is looking at the relationship between banks and hedge funds.

There was a more mixed report from the direct-marketers, who see the most switching between funds.

The difference between private and mutual funds is lifted.

There has also been a lot of movement between hedge funds.

Are there services like check writing or switching money between funds by telephone?

Charges are not the only reason why performance varies between funds.

In a down market, such differences between funds can produce a vast gulf in results.

"Another big difference between us and other funds is that we tend to work with a limited number of securities, maybe 30," he said.

Unfortunately, in such a case, transferring money between funds is impossible, due to different rules.