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Two year ago cleantech, or green, investing was the strategy du jour. Today, industry expert and best-selling author Peter Fusaro explains that the industry is in a lull, though he still believes that investors can diversify their risk by investing in green funds.

Fund of hedge funds shop Olympia Capital Management has launched a new vehicle that is part fund of funds, part hedge fund index.

A federal judge earlier this month tossed the $7 billion pension’s suit against the Greenwich, Conn.-based hedge fund, founder Nicholas Maounis and three of its managers.

The U.K. really is “very isolated” in its opposition to the European Union’s proposed hedge fund rules: The country counts only a pair of Mediterranean island nations in trying to sink the directive, which would impose strict reporting and custody requirements on hedge funds and private equity funds.

Jasper Johns' "Flag"SAC Capital Advisors founder Steven Cohen has bought on of Jasper John’s famed “Flag” paintings. The hedge fund manager reportedly paid $110 million for the canvas, one of the earliest and largest in the series. Other examples hang in the hallowed halls of the Metropolitan Museum of Art, Museum of Modern Art and Whitney Museum of American Art. The Met reportedly paid $20 million for its version in 1998.

The financiers hoping to lead a takeover of Britain’s most legendary soccer team are looking to bring on another prominent hedge fund executive into its ranks.

Hedge funds may be salivating at the opportunity to snatch top talent from banks if the Volcker rule becomes law, but they may have a poaching problem of their own.

A pair of Barclays Capital credit traders is founding a hedge fund that will manage UCITS III-compliant vehicles.

Rupesh Tailor and Jose Mosquera will set up the Breogan Global Financials Fund in Madrid. Auriga Securities, also based in the Spanish capital, is seeding the new firm, which hopes to raise US$70 million for the fund at launch.

A new hedge fund is taking a Bible verse to heart. C3:23 Capital debuted in January with $2 million.

Elliott Management Corp. has dropped out of the running for movie studio Metro-Goldwyn-Mayer.

The Missouri State Employees’ Retirement System has invested $160 million in alternative investment funds.

Saba Capital Management, the credit hedge fund founded by former Deutsche Bank bond-trading chief Boaz Weinstein, has hired its first head of marketing.

Palo Alto Investors’ micro-cap fund invests “exclusively” in “overlooked, misunderstood and undervalued segments of the equity market.” One of those segments, apparently, is the sex toy industry.

Five men who divided their time as leaders of a Queens, N.Y., church and Long Island hedge fund have pleaded guilty to defrauding investors of $12.3 million.

The private equity giant is in preliminary talks to raise $1 billion for a blind pool to acquire failed banks. The planned fund follows Blackstone’s purchase in May—alongside W.L. Ross & Co. and the Carlyle Group—of BankUnited Financial Corp. and January’s news that billionaire entrepreneur Richard Branson had approached the firm about backing his bid for the failed British lender Northern Rock.

The European Parliament will not be deterred by the British-backed delay in approving European Union hedge fund legislation, a top lawmaker said.

Germany may deploy its spies to gather information about hedge funds and other currency speculators, its finance minister said.

Clients of Lake Shore Asset Management, the Chicago hedge fund accused of lying to investors, will get about 40% of their money back under a plan approved by a federal judge this week.

The roughly 500 UCITS III-compliant hedge funds now manage $52.3 billion, according to Eureakhedge.

Singapore-based hedge fund Flowering Tree Investment Management is well on its way to profitability after its stock fund outperformed other Asian equities funds over its first 10 months.