“I am whatever you say I am," as the rapper so succinctly declared. And that, ladies and gentlemen, is the closest that you are ever likely to get to an adequate definition of the hedge fund industry. Not convinced? Then please allow me (with the help of Eminem a.k.a. Slim Shady a.k.a. Marshall Mathers) to explain.

Last week, UBS released a note pointing out that Man Group's share price values the world's largest listed hedge fund manager at less than the sum of its parts. This, the Swiss bank argues, makes it a prime takeover target. Man Group's share price hit 107p at the close of trading last Friday, down from a high of £7.24 just four months after Peter Clarke took over as chief executive in July 2007. He can probably expect some uncomfortable questions from his shareholders at the company's annual meeting on Tuesday.