Much of the coverage of the Securities and Exchange Commission’s (SEC) year-long fact finding investigation into hedge funds created fear that the SEC’S hedge fund roundtable held in May would be amandate for greater regulation.<\/p>\n
But what at one point may have appeared a lynch party became a love fest. Discussion veered from how to place greater restrictions on hedge funds to how to safely allow retail mutual funds to take advantage of methodologies typically employed by hedge funds.<\/p>\n
Rick Lake, chairman of investment company Lake Partners, who participated in the roundtable, says the major shift was the realization that hedge funds are useful tools that should be made available in a measured fashion to the general public.<\/p>\n
Comparing index returns<\/p>\n
April’s top CTAs<\/p>\n
Futures public funds summary<\/p>\n
Common themes coming out of the forum were the need to update what constitutes accredited investors, loosening short selling rules, giving registered vehicles more freedom to use incentive fees and giving private placements greater freedom to market.<\/p>\n
Harvard professor and former head of Fidelity Investments Robert Pozen noted at the forum that the growing appetite of retail investors to manage downside risk was the catalyst for the forum. He said that rather than increase hedge fund regulation, the SEC should loosen regulations on registered vehicles to allow more short selling and incentive fees.<\/p>\n
Two possible positive outcomes Lake envisions from the forum would be to register hedge fund managers (not hedge funds) and make it easier for mutual funds to use hedging techniques.<\/p>\n
CTAs TAKE NOTE<\/p>\n
If you have traded for three years with one year of managing customer funds, manage less than $10 million and have an audited track record, then you are eligible for consideration in our annual feature, “Hot New CTAs.” Send your disclosure document and recent returns to Daniel P. Collins, Futures Magazine, 833 W. Jackson, 7th Floor, Chicago, IL 60607. E-mail: dcollins@futuresmag.com.<\/p>\n
Deadline: Friday, Aug. 8, 2003.<\/p>\n
Copyright Futures Magazine Group Jul 2003<\/p>\n","protected":false},"excerpt":{"rendered":"
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