WEST PALM BEACH, FL (www.hedgeco.net) -The Fairfield County of Connecticut has formed the Connecticut Hedge Fund Association, according to published reports. The association was launched with acocktail party at the Indian Harbor Yacht Club in Greenwich. Several hedge fund industry players and other participants including representatives from more than 150 hedge funds gathered for thelaunching ceremony.
One of the attendees of the ceremony, Brett Dougherty who manages a hedge fund in Norwalk told news correspondents, �We are in a business where we are not allowed to advertise. It fundamentally makes sense to bring people together for dialogue and networking.� Adding, “Everyone assumed that this already existed. I was surprised this was the inaugural meeting. I thought it was just something I missed.�
An article published in the Institutional Investor motivated the launching of the Connecticut Hedge Fund Association. The association is headed by McGuire who is also the head of a consulting firm based in Darien, Ct. McGuire said, �If a need exists for a regional hedge fund association, it exists here in Connecticut more than anywhere else.”
It is likely that other state chapters of the Hedge Fund Association may also be inaugurated in the coming years. It is unclear if the recent hedge fund regulation laws introduced in the United States by the former Chairman of the Securities and Exchange Commission, William Donaldson, inspired such movement. The Hedge Fund industry has suffered from criticisms and comments from groups, and in some cases governments who often blame hedge funds for all unexplained problems in the market place. Such criticisms are often without merit.
Among other goals, the new state hedge fund association hopes to foster communication between hedge fund managers and institutional investors. Currently institutional money accounts for the greater portion of new assets flowing to hedge fund managers. McGuire also said the association will have a voice in Washington, D.C., in view of the Securities and Exchange Commission�s stronger regulation for the hedge fund industry. He noted, “We need to engage the SEC to make sure these regulations are fair and on-point.�
Paul Oranika
Contributing Writer
HedgeCo.Net
Email: paul@hedgeco.net
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