Everyone from the humblest mutual fund investor to the swaggering hedge fund manager knows how difficult it is to invest in today's volatile markets, where entire asset classes can be hammered by a European politician's utterance or a rogue U.S. economic number. To succeed, professional investors need to deliver acceptable returns without taking undue risks. In Europe many firms in the Euro 100, our annual ranking of the region's largest fund managers, which begins on this page, are responding to the challenge by reshaping their businesses. They are revising traditional benchmarks to limit exposure to distressed sovereigns and moving to more total-return mandates. In India (see story starting on page 65), managers are adapting to regulatory changes pushing the fund industry to focus more on performance than marketing. Signs of a pickup in retail investor interest indi- cate this overdue change is having a positive impact.
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