Switzerland's fund regulators have approved the country's first domestic hedge fund as part of efforts to open up the market to new products. The Sinclair Global Macro Fund which is managed by Paul Gruppe will be available to institutional investors and will be managed, administered and registered in Switzrland. The Swiss Banking Commission has also recently allowed an open-ended 'fund of funds' vehicle investing in hedge funds and managed by Bank Leu, the private banking subsidiary of Credit Suisse.