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Industry initiative aims to harmonise hedge fund practices

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In a project bringing together some of the world’s most prominent hedge fund and financial markets bodies, five groups representing managers and regulators have pooled their work on sound

In a project bringing together some of the world’s most prominent hedge fund and financial markets bodies, five groups representing managers and regulators have pooled their work on sound practices for hedge fund managers in a web site that aims to promote convergence between the various sets of standards.

The Hedge Fund Matrix (www.hedgefundmatrix.com) has been created by the Alternative Investment Management Association, the Hedge Fund Standards Board, the International Organisation of Securities Commissions, the Managed Funds Association, and the Asset Managers’ Committee of the US President’s Working Group on Financial Markets.

Many of the core principles in the sound practice guidelines produced by various organisations and working groups are similar. The Hedge Fund Matrix will enable users to compare the guidelines side-by-side and is aimed at fund practitioners, investors and regulators, and those servicing and providing professional advice to the hedge fund industry

The site includes recommendations on creating and managing a hedge fund management business, the investment process and portfolio risk management, portfolio administration and operational controls, raising capital and investor relations, and hedge fund structure and organisation.

Aima has more than 1,280 corporate members in 47 countries including hedge fund managers, fund of hedge funds managers, prime brokers, providers of legal and accounting services and fund administrators.

Formed in January this year, the Hedge Fund Standards Board was created to establish and maintain a set of voluntary best practice standards for hedge fund managers, continuing the work of the Hedge Fund Working Group. The standards aim to strike a balance between the need to reassure investors, financial regulators and policy makers about the integrity of the industry while allowing managers the scope and freedom to innovate.

Iosco is the international policy forum for securities regulators from more than 100 jurisdictions, representing more than 90 per cent of the world’s securities markets, and associate and affiliate members with an interest in the regulation and operation of global securities markets such as self-regulatory organisations, exchanges and trade associations.

The Washington, DC-based Managed Funds Association, whose members include hedge fund, fund of funds and managed futures fund management professionals, was established in 1991 as a lobbying group and provider of industry information as well as an advocate for sound business practices and industry growth.

Comprising representatives from a broad array of asset managers, the Asset Managers’ Committee aims to facilitate exchange of information between the alternative asset management community and the US government agencies comprising the President’s Working Group on Financial Markets.

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