Fledgling hedge funds struggle to raise assets

Growing up is never easy. A Morgan Stanley survey of global hedge fund trends, based on interviews with 40 large US institutional investors, suggests that starting a new hedge fund is more difficult now, even as the overall industry continues to expand.The report projects hedge fund assets growing to $3 trillion by 2010, having passed the trillion mark in 2005, assuming the pace of growth continues as it has since 1999, when the industry was $456 billion.For start-up funds, the miracl…