Morning in Spain

José Pasqual, a Madrid lawyer, is among those who see promise in Spain’s tiny industry.

William Freedman May 21, 2008

Jose Ignacio Pasqual, a lawyer in Madrid. For Alpha magazine, May 2008, Longs & Shorts. Photographed in Madrid on May 5, 2008.

Ana Nance/Ana Nance / Redux

The backwater Spanish hedge fund industry is finally coming into the government regulatory fold after a tedious reform process that began five years ago. The upshot: The market is showing signs of growth.These signs are small, to be sure. At the end of 2006, government-licensed

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