How things have changed in a year at the European Commission. From exploring the possibility of expanding the Ucits regime to take in hedge funds, open-ended real estate funds and private equity funds, the pendulum seems to have swung completely the other way.
Hedge funds have spent most of the past nine months cowering behind the sofa as a horror show of mass redemptions dances across their TV screens.
Every so often they peer around the corner in the hope it is safe to come out from hiding and start the serious business of making money once again.
Fresh figures today from HFR, those diligent statisticians of all things hedgie, offer some insight into whether the closing credits of the horror flick are rolling, to be replaced by film of lambs gambolling in the spring sunshine. But only a little.