AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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Industry Guides

The following comprise the widest body of sound practices output on the hedge fund industry - with most items available freely to all:


AIMA Guides to Sound Practices

 

Guide to Sound Practices for Hedge Fund Valuation

  • The October 2013 edition of the guide takes account of recent regulatory reforms, including a summary of valuation requirements under the Alternative Investment Fund Managers Directive (AIFMD). The guide also reflects changes in accounting standards since the previous edition was published in 2007, such as the introduction of new international guidance on and disclosures of fair value accounting. In total, the guide contains 16 recommendations that reflect industry sound practices within the areas of governance; transparency; procedures, processes and systems; and sources, models and methodology. The guide also sets out the areas of hedge fund valuation that are now covered by regulation and those where discretion still applies.

 

AIMA Note on Sound Practice in the Secondary Loan Market

  • Following concerns raised by AIMA members regarding the Loan Market Association (LMA) Transparency Guidelines (the Guidelines) published in June 2011, AIMA developed a Note setting out what we consider to represent sound practice in the secondary loan market from our members’ perspective.  During the latter part of 2012, we consulted widely among the AIMA membership and others on the contents of the Note.  In light of the feedback we received, we have made certain changes to reflect the opinions voiced, leading to the publication of an updated Note in March 2013. © AIMA, 2013

AIMA Guide to Sound Practices for Business Continuity Management (2012 edition)

  • This revised guide has updated and re-sequenced the material to more faithfully reflect the structure of a hedge fund firm’s typical business continuity plan. New material has been added setting out some of the crisis scenarios that may arise and what mitigations may be gainfully utilised, while the sections on Crisis Management, Recovery and Resumption and Testing have been expanded and organised, which should assist investors undertaking operational due diligence. © AIMA, 2012

AIMA's Guide to Selecting a Prime Broker

  • These guidelines are aimed at hedge fund managers who wish to select a prime broker, whether establishing an initial relationship or in choosing an additional prime broker for their business. The guide should also be useful to hedge fund managers who periodically review existing prime brokerage relationships from a service, risk, diversification, value or cost perspective. © AIMA, 2012

Guide to Sound Practices for Hedge Fund Administrators 

  • This joint initiative by AIMA and the Irish Funds Industry Association (www.irishfunds.ie) has been updated in 2009 and was originally created in 2004 by senior industry practitioners – including administrators, accountants, lawyers, managers and their advisors. It is not specific to any one jurisdiction and provides all interested parties with a meaningful outline of the administrator’s role in regard to hedge funds. © AIMA & IFIA, 2009.

Guide to Sound Practices for Funds of Hedge Funds Managers

  • The guide was developed by some of the world’s leading funds of hedge funds practitioners and focuses on areas including risk management, due diligence, disclosure to investors, valuation, management of conflicts of interest and other operational issues. © AIMA, 2009.

Guide to Sound Practices for European Hedge Fund Managers

  • The Guide considers various practical aspects of establishing and managing a hedge fund business in Europe and suggests corresponding sound practices. It is a 'must have' for any individuals or companies thinking of establishing a hedge fund business. © AIMA, 2007.

Guide to Sound Practices for Hedge Fund Valuation

Guide to Sound Practices for Hedge Fund Valuation - Executive Summary

  • AIMA's ground-breaking work on valuation began in 2003. The latest output offers 15 Recommendations and in-depth insight into the roles and responsibilities of those involved in the asset valuation process. It covers governance; transparency; procedures, processes & systems; sources, models and methodology. The Guide includes practical examples of sound and unsound practices in each area. © AIMA, 2007.

Guide to Sound Practices for Asian Hedge Fund Managers

  • Based on the Guide to Sound Practices for European Hedge Fund Managers (launched in 2002), this Guide is geared specifically to the Asian marketplace. © AIMA, 2004.

Guide to Sound Practices for Canadian Hedge Fund Managers

  • Based on the Guide to Sound Practices for European Hedge Fund Managers (launched in 2002), this new Guide is geared specifically to the Canadian marketplace. © AIMA, 2004.

Guide to Sound Practices for Disclosure and Promotion of Alternative Investments in Canada

  • AIMA Canada has prepared these sound practice guidelines on disclosure and promotion as a reference guide for Canadian hedge funds, hedge fund-of-funds, structured product organizations involved with alternative investments, managed futures firms, and any individuals or institutions interested in enhancing their understanding of the Canadian alternative investment industry. © AIMA, 2005.

Other Industry Guides

 

AIMA Canada Handbook 2012

  • Including an Introduction to the Canadian hedge fund industry, securities regulation, the investor environment and a member directory. © AIMA, 2012

AIMA's Guide to Media Relations for the Hedge Fund Industry (2012 edition)

  • This updated Guide to Media Relations includes new material on corporate communications, crisis management, broadcast media, new/social media, and confidential information. It is intended to be a helpful guide for those who wish to improve their firm’s engagement with the press, or indeed that of the industry as a whole. © AIMA, 2012

Offshore Alternative Fund Director's Guide

  • The Guide provides recommendations on key areas of fund governance including the independence of non-executive directors and conflicts of interest as well as auditors' communications and representations to the Board. First issued in 2005, the Guide is AIMA's best-seller and has proved to be invaluable both to directors as well as investors wishing to understand the Directors' roles and responsibilities. © AIMA, 2008.

Guidelines on Disclosure and Promotion of Alternative Investment Funds in Australia

  • In an updated from the 2002 guidelines, AIMA Australia has produced guidelines on good disclosure and promotion practices in the marketing of hedge fund products in Australia.  © AIMA, 2007.

South Africa Hedge Fund Handbook

  • The AIMA South Africa Hedge Fund Booklet is designed to assist the financial community and investors in their understanding of hedge funds. © AIMA, 2006.

Asset Pricing and Fund Valuation in the Hedge Fund Industry - Executive Summary

  • Released April 2005, this global survey measured the views of investors, hedge fund managers and hedge fund service providers regarding issues surrounding the valuation of assets held in hedge fund portfolios, with particular emphasis on harder-to-value assets. The final document includes Recommendations for increasing the understanding of different approaches to pricing and valuation and enhancing existing practices and procedures within the industry. (These Recommendations were subsequently revised and enhanced; they can be found in the 'Guide to Sound Practices for Hedge Fund Valuation' released by AIMA in 2007.) © AIMA, 2005.

 

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