MFA and AIMA welcome reports by Presidents Working Group

Date: Wednesday, April 16, 2008
Author: AIMA

MFA and AIMA welcome reports by President`s Working Group on best practices for the hedge fund industry
The Alternative Investment Management Association (AIMA) and Managed Funds Association (MFA) announced yesterday 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, 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. AIMA webpage: http://www.aima.org