LONDON (HedgeWorld.com)–Responding to the accelerated growth of the European hedge fund market in recent years, the Alternative Investment Management Association has released a sound practices document.
Hedge fund assets under management have grown by more than 300% from 1999 to 2002, along with the need for sound professional services and transparency, according to AIMA. It was the hedge fund managers participating n a Goldman Sachs client conference that suggested the creation of “The Guide to Sound Practices for European Hedge Fund Managers” by AIMA.
And the managers also participated in the project. A total of 14 managers, three accountants, two administrators, two compliance consultants, two lawyers, two prime brokers and one hedge fund investor assisted in compiling the guide. Segun Aganga of Goldman Sachs Prime Brokerage led the effort and coordinated the effort. All met over a nine-month period to produce the draft.
“The guide will help new entrants to the hedge fund industry and existing managers to adopt sound business practices, better weather market conditions and more importantly reduce the risks of costly mistakes,” Mr. Aganga said in a statement.