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Focuses on the hedge fund market in the United States. Interest of traditional institutional investors in hedge funds; Performance of the market; Allocations being made by pension schemes to hedge funds; Details on the growth of the market; Comments from John Griswold of the Common Fund.

The article profiles Nicolas Rohatyn, global head of emerging markets, foreign exchange and commodities at JP Morgan. Holding an economics degree from Brown University, Rohatyn joined JP Morgan in 1982. His skills were further developed under Morgan's New York training program. After that, he assumed various positions and rose from the rank until becoming the youngest-ever managing director. He was credited for building the most successful emerging-market operation on Wall Street. As such, he was made to sit on Morgan's committee that manages the operation of the bank.

John Cecil, a former McKinsey director who resigned in 1994 to become chief administrative officer of Lehman Brothers, has helped engineer one of Wall Street's more dramatic turnarounds. Since May 1997, Lehman's share price has surged nearly 150%; it now trades at around $77. In March 1998, Lehman reported first-quarter profits of $1.44 a share, a 24% gain from March 1997. During the same period, the firm's return on equity rose from a dismal 4% to 17%.