Not until you look at complete set of regulation to do realize how much the financial industry has and will change over the last 5-7 years. The World Economic Forum paper - The Future of Alternative Investments provides some good graphics on the amount of regulation. These will have a huge impact on all parts of finance. Alternative investments will not be immune to the new regulations in the US, EU, and Great Britain.
Costs from regulation are going up while fees are going down. This causes the alternative industry to move to a scaling model. Firms have to grow to pay for this oversight.
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