Hedge funds may soon open up their book to the publics and are ready to float their shares. If the hedge fund industry that used to be the haven of the affluent investors who have at least $1 million to throw around goes public, it will make funds a part of the average investor’s menu. Common people might eventually be able to pocket the industry’s impressive returns.

"Going public hasn’t been a very popular strategy in the past, but it also isn’t unheard of and it may be gaining momentum for several reasons," said Robert Schulman, co-chief executive at money manager Tremont Capital Management.

So far the most famous publicly traded hedge is the European Man Group PLC. It is rumored that Chicago-based Grosvenor Capital Management, with over $13 billion in assets under management, might be considering a similar move. A Grosvenor spokesman offered no comment.

The most important obstacle on the way to incorporation for hedge funds is the need to open their books to the public. Although the funds are subject to registration starting next year, the requirements of the SEC can turn out to be more rigorous.

Even so, going public offers new possibilities for hedge fund managers who are seeking to attract new capital at the time when wealthy investors are becoming picky and are looking for other investment opportunities.

"Going public could be very lucrative and a great way for companies to get more access to capital," said Justin Dew, a hedge fund analyst at research firm Standard & Poor’s.