(Reuters) – The trillion dollar hedge fund industry was aghast on Monday at having to fork out 50 pounds ($87.06) a head for a buffet breakfast briefing on how to do their job correctly withBritain’s Financial Services Authority.
“It’s outrageous,” said one hedge fund manager who declined to be named.
“We are paying the FSA 50,000 pounds a year to be able to trade and they are now asking for 50 pounds more so we can hear how they are going to regulate us,” he said.
The audience with Andrew Shrimpton, the head of the FSA’s new hedge fund supervisory unit, is in early December and the regulator said it will give hedge fund managers a chance to talk over industry issues.
But the multi-millionaire traders shouldn’t come hungry.
