The FT reports that:

The global hedge fund market grew by about a fifth to almost $2,500 billion (£1,250 billion) in the first half of this year.

Assets under management in global hedge funds reached $2.48 trillion in July, according to research out today from HedgeFund Intelligence, an increase of 19 per cent since the beginning of the year.

And you wonder why there's a credit crunch? The money's gone to Cayman and Jersey.

We'll regret it, sooner or later. Probably sooner.