Reading Eagle – A leading hedge fund trade group unveiled new recommendations Monday aimed at improving practices in the lightly regulated, $2 trillion hedge fund industry.
The report issued by the Managed Funds Association updates and expands on recommendations issued in 2005 and follows calls from a White House financial group to boost hedge fund practices.
“This is the industry’s effort to get ahead of the curve,†said Eric Vincent, chairman of the Washington-based Managed Funds Association.
Hedge funds, which are investment pools open to wealthy individuals and institutional investors, have grown dramatically yet operate with little oversight or public disclosure, prompting calls for tighter federal regulation. A U.S. presidential working group has taken a more hands-off approach, calling for market discipline and improved industry practices.
