Hedge fund celebrity probe creates a stir LI XIANG

The cult of celebrity in China's hedge fund industry appears to be losing its magic after news broke that a high-profile manager was being investigated for insider trading and market manipulation.

A report by the country's official news agency Xinhua revealed that Xu Xiang, general manager of hedge fund Zexi Investment in Shanghai, had been detained by police for alleged market malpractice,

This created quite a stir in investment sector circles last week and left market observers wondering if it could herald a more cautious approach to the rapidly growing yet "chaotic" hedge fund industry.