EU hedge funds probe swings back and forth

The European Union's draft directive on alternative investment fund managers is causing concern among hedge fund managers, as reported by AsianInvestor. The workings of the European machine are now irrevocably committed to resolving what is to be done with that industry. The issue is spawning an industry of its own in Brussels and Strasbourg that is sponsored by Europe's taxpayers, who didn't even know that they had to be saved from hedge funds. "Asian hedge fund managers should sta…