An alternative asset is an item that has intrinsic value, but is not traditionally considered a financial asset. Alternative assets are best defined by their absence from the capital markets.
A hedge fund is an investment structure designed to allow management of a private, unregistered portfolio of assets.  The original concept of a hedge fund was to offer plays against the market using short selling, futures, and derivatives.Today, hedge funds follow any number of strategies and cannot be considered a homogenous asset class.
A hedge fund manager is an individual responsible for directing all activities associated with the operation of a hedge fund. The role of a hedge fund manager is similar to that of a mutual fund manager.