{"id":49,"date":"2003-05-12T00:00:00","date_gmt":"2003-05-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"westly-calls-for-increased-disclosure-and-transparency-for-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2003\/westly-calls-for-increased-disclosure-and-transparency-for-hedge-funds.html","title":{"rendered":"Westly Calls for Increased Disclosure and Transparency for Hedge Funds"},"content":{"rendered":"<p>SACRAMENTO, Calif.&#8211;(BUSINESS WIRE)&#8211;May 12, 2003&#8211;State Controller Steve Westly today called on the federal Securities and Exchange Commission to provide reasonable safeguards for the rapidlygrowing and largely unregulated hedge fund industry.<\/p>\n<p>  &#8220;The proliferation and increasing availability of hedge funds in recent years raises important questions about the stability of pension funds and potential costs to taxpayers,&#8221; Westly said, noting  that CalPERS already invests in hedge funds and CalSTRS has begun evaluating them. &#8220;The SEC should step in and look out for the public interest.&#8221;<\/p>\n<p>  Westly said he supports requiring increased disclosure for hedge funds. &#8220;I support more disclosure, transparency and accountability for the hedge fund industry &#8212; not handcuffing the investment  managers. The hedge fund industry is becoming a more important part of the investment landscape, and we need to make sure that we protect pension funds and individual investors.&#8221;<\/p>\n<p>  Hedge funds are privately organized investment vehicles designed to execute a specific investment strategy, often involving large bets on specific price movements. Financial experts estimate that  there are now 6,000 to 7,000 hedge funds, worth a combined $600 billion. Unlike mutual funds, the funds are now largely unregulated, but the SEC is holding hearings on how best to provide  reasonable safeguards this week as part of a year-long investigation into hedge funds fraud and potential conflicts of interest. &#8220;We need to make sure that we protect pension funds and individual  hedge funds investors from the types of corporate scandals that have rocked Wall Street,&#8221; Westly said.<\/p>\n<p>  As California State Controller, Steve Westly serves on the boards of CalPERS and CalSTRS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SACRAMENTO, Calif.&#8211;(BUSINESS WIRE)&#8211;May 12, 2003&#8211;State Controller Steve Westly today called on the federal Securities and Exchange Commission to provide reasonable safeguards for the rapidlygrowing and largely unregulated hedge fund industry. &#8220;The proliferation and increasing availability of hedge funds in recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-49","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/49","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=49"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/49\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=49"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=49"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=49"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}