What's hot and what's not

Kier Boley is a London-based investment manager at GAM, a large fund of hedge funds manager and one of the investors in failed Aman Capital of Singapore. Here he fields questions about what went wrong, as well as discusses major trends in the hedge fund world. How has the Asian hedge fund industry developed since GAM started investing here in the late 1990s? Boley: There are two models Asia's hedge fund industry could have followed, the US model or the European model. The Europe…