I think so too. Probably it's better to start with something simpler, than hedge fund in offshore jurisdiction.
Risk management is one of the most significant issues for hedge fund managers. The reason behind this is that clients demand high returns (20%+) with low volatility (<5% monthly) of returns. If you are running a foreign exchange trading hedge fund, then the latter part is somewhat problematic because currencies tend to fluctuate more than 5% in a single day, which is quite common.