Money managers under the microscope
A kick up the…
It seems the UK Treasury Select Committee’s very public chastisement of the hedge fund industry in January has had some effect.
At the time, MPs zeroed in on the Hedge Fund Standards Board (HFSB) in particular and the relatively small number of funds it had signed up — 33 in December — even though these funds accounted for half of the European industry.
“You’ve attracted 20 fresh members in a year. If I was a trade union officer on recruitment I’d be sacked,” quipped Committee member George Mudie at the time.
However, things have moved on and firms have been — if not rushing — at least moving slightly more speedily to sign up.
With regulation at a European and international level looming, hedge funds are increasingly aware of the need to be seen to be imposing best practice standards.
Last week the HFSB said 13 more funds, including Odey, TCI and Jupiter, had signed up.
And yesterday HFSB chairman Antonio Borges told me the body is targetting 100 funds by the end of the year.
Maybe he could apply for that trade union recruitment job after all…