Alternative Investment Management Association Representing alternative asset managers globally
15 April 2008
London, Tuesday 15 April 2008: The Alternative Investment Management Association (AIMA) and Managed Funds Association (MFA) announced today that they welcome the Best Practices Reports released by the two Committees appointed by the U.S. President’s Working Group on Financial Markets (PWG).
The Asset Managers’ Committee Report and the Investors’ Committee Report each provide guidance for establishing best practices standards for the hedge fund industry and its investors. MFA, headquartered in Washington, D.C., and AIMA, headquartered in London, England, are the world’s two leading hedge fund associations.
Richard H. Baker, MFA President and CEO, and Florence Lombard, AIMA CEO, made the joint announcement saying, “MFA and AIMA welcome the Asset Managers’ Committee Report and the Investors’ Committee Report and applaud both Committees for the diligence and detail presented in each Report, as well as the thorough and significant contributions by each Committee member. We are in full support of the PWG’s ongoing efforts.”
“There have been a number of industry initiatives around the world to drive positive change. Each has been valuable in its own right, and we believe the Managers’ report reinforces AIMA and the MFA’s existing work in the Sound Practices arena,” said AIMA’s Lombard. “The challenge now is for the industry to bring about convergence between these various standards proposed, while maintaining the competitiveness of the hedge fund industry, and MFA and AIMA are committed to leading the drive towards this single global approach.”
“MFA and AIMA consulted with the Committees during their drafting processes and were pleased to be included during the analytical phase of constructing the guidance,” said MFA’s Baker. “We have reviewed the Reports, and find the guidance to be both comprehensive and substantive. We look forward to considering the Reports in further detail, and will look to submit formal comments on the Reports to the Committees before the end of the consultation period.”
Jointly, MFA and AIMA advocate international harmonization of sound business practices and the highest standards of conduct for the alternative investment industry and its investors worldwide. The groups are in full support of, and committed to participating in the development of, a principles-based approach to the regulatory framework for the financial services industry worldwide.
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For further information from AIMA, please contact:
Tel: +44 (0) 20 7499 87 36
For MFA media inquiries:
MFA Media Relations
1. Relevant links:
Fact Sheet: Asset Managers’ Committee Best Practices Summary
Asset Managers’ Committee Best Practices
Fact Sheet: Investors’ Committee Best Practices Summary
Investors’ Committee Best Practices
2. About Alternative Investment Management Association
AIMA, the Alternative Investment Management Association, has over 1,300 corporate members worldwide, based in 49 countries. Members include leading hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting services and fund administrators. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators, worldwide. AIMA is a dynamic organisation that reflects its membership’s interests and provides them with a vibrant global network. AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website www.aima.org
3. About Managed Funds Association
MFA’s members include professionals in hedge funds, funds of funds and managed futures funds. Established in 1991, MFA is the primary source of information for policy makers and the media and the leading advocate for sound business practices and industry growth. MFA Members represent the vast majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $2 trillion invested in absolute return strategies. MFA is headquartered in Washington, D.C., with an office in New York, N.Y. For more information, please visit MFA’s website www.managedfunds.org.