Europe's biggest hedge funds to study voluntary code of practice - report |
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Tue, 19 Jun 2007 08:38
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LONDON (Thomson Financial) - Europe's biggest hedge funds have recruited former Bank of England deputy governor Sir Andrew Large to lead a study into voluntary standards for the industry in an attempt to head off pressure for greater regulation, the Financial Times reported.The move is by 13 of the largest hedge funds, including Man Group and GLC Partners, the report said, adding a letter was sent late yesterday to 35 more European hedge funds inviting them to sign up to the working group.The group will examine valuation, disclosure and risk management and is loosely modelled on the committee drawing up a voluntary code for the private equity industry under Sir David Walker, former chairman of Morgan Stanley Inernational and a former colleague of Large.The 13 initial hedge fund managers involved are: Brevan Howard, Stockholm-based Brummer & Partners, Centaurus Capital, Cheyne Capital, CQS, GLG, Gartmore, Landsdowne Partners, London Diversified, Man Group, Marshall Wace, New York-based Och-Ziff and Rab Capital PLC.The move follows the failure of G8 leaders to agree to Germany's proposal to impose greater disclosure requirements for hedge funds at the summit earlier this month.jessica.mortimer@thomson.comjkm/ms1COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Trichet says support growing for hedge fund code of conduct - report 