South Africa’s hedge fund industry is betting on new rules to help reverse a record drop in assets under management. New guidelines from January will split funds into different investment categories and geographical exposure so local investors can make better comparisons. They will also allow hedge funds to be stacked against long-only equity or fixed-income funds and help the industry body compile uniform data. “This is the next evolution of where we are going,” said Hayden Reinders, the chairman of the Association for Savings and Investments South Africa’s hedge funds standing committee.