Alternative Investment Management Association Representing alternative asset managers globally
22 January 2008
London, 22 January 2008: The Alternative Investment Management Association (AIMA) welcomes the publication of the ‘Best Practice Standards and their Future Development’ Report published today by the Hedge Fund Working Group (HFWG) in the UK.
This represents a substantial undertaking by leading hedge fund managers and offers high-level thought leadership on key issues surrounding the industry.
AIMA welcomes the endorsement of its extensive body of work as highlighted throughout the HFWG’s Report. AIMA and the Hedge Fund Standards Board (who will own the Standards) will work to mesh the standards with AIMA’s materials seamlessly over time.
AIMA strongly endorses the Group’s desire to see convergence of various hedge fund standards. AIMA is committed fully to lead the industry in these global efforts while not underestimating the challenges in doing so.
AIMA will consult with its members on the evolution of the standards by the HFSB and may develop guidance on them, if required by its members and investors.
Andrew Baker, Deputy Chief Executive of AIMA said: “This Report is a substantial achievement by this group of leading managers particularly given the time frame and the market conditions. We believe this initiative is the right approach for the hedge fund industry.
HFWG’s endorsement of AIMA’s leadership and its substantial body of work in industry practices is welcomed and we are very much looking forward to working with the HFSB and the rest of the industry to oversee convergence of standards.”
For further information, please contact Eoin Brophy or Evan DeBarra, Hume Brophy Communications, on +44 (0)20 7499 8736.
1. About AIMA
As the only truly representative global hedge fund association, AIMA, the Alternative Investment Management Association, has over 1,280 corporate members worldwide, based in 47 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
2. AIMA’s role with the UKHFWG
Please also refer to Chapter 10 of the HFWG Report.
AIMA will work closely with the newly-established Hedge Fund Standards Board (the owner of the standards) on which AIMA’s Chairman, Christopher Fawcett, will serve as an interim Trustee.