Why aren't there any immensely wealthy Scottish hedge fund managers? And could this change with independence?

As we noted this morning, the new Forbes ranking of the 40 highest paid hedge fund managers globally is out.

Notably, there are no Scots on the list.

Hugh Hendry, the notorious Strathclyde graduate and founder of Electica Asset Management, didn't make the Forbes ranking.

Scotland's lack of very, very highly paid hedge fund professionals may have something to do with the country's failure to develop a large independent hedge fund sector. Yes, there are hedge funds in Edinburgh, but they are predominantly run as part of a multi-strategy stable alongside long only funds, as at SVM or Martin Currie.

When Scots like Hendry do set up their own funds, they tend to do so elsewhere. Electica, for example, is based in London. However, buried among its 10 named employees, it counts two graduates (in addition to Hendry) from Scottish universities.   

If independence comes to pass, it could be a good thing for Scotland's independent hedge fund sector. As MoneyWeek noted last year, an independent Scotland could develop as a hedge fund enclave along the lines of Switzerland (EU regulations not withstanding). However, u

ntil this happens, anyone wanting to work for an independent hedge fund in the UK will probably choose to go to Mayfair.