The communications functions at all but the most prominent managers have, until recently, been effectively non-existent. The idea of even a mid-sized manager having one or more staff members dedicated to media relations and engagement with non-investor external stakeholders was rare. Since the publication of the first edition of this Guide in 2006, many staff members at managers – usually in an investor relations (IR) role – have expanded their remits to include external communications, ranging from setting up a press office to running social media campaigns and creating a distinct brand for the firm. More recently, managers have hired communications professionals to enhance their communications strategies further.

Communications professionals now shoulder a diverse range of responsibilities. They are not just relationship managers with the media but also strategists, marketers, brand managers, and data analysts. Their tasks include crafting and executing internal and external communications strategies, media monitoring, brand management, social media management, multimedia content creation, crisis communications, and data analysis. These roles also demand a deep understanding of the legal limitations around marketing, communications, and data privacy, which can vary significantly across jurisdictions.

This edition of the Guide addresses the increasingly complex media landscape, including the changes to the regulatory landscape governing the marketing of managers and the emergence of new vehicles for stakeholder engagement since the prior (2015) edition was published. The latest title,  which has changed from the ‘Guide to Sound Practices for Hedge Fund Managers’ Media Relations’ to the ‘Public Relations: An AIMA Guide to Sound Practice’, also reflects the broader scope.

While this 2024 edition of the Guide delves into the complexities of the media landscape and the regulatory changes, its core message remains unchanged. It reminds us that every interaction with the media and other stakeholders carries both opportunity and risk. A successful public relations (PR) strategy is not just about maximising positive engagement but also about protecting the manager from potentially harmful situations. In essence, this Guide advocates for a PR strategy guided by the Hippocratic pledge: Do no harm.

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  Drew Nicol

  Associate Director, Research and Communications