Money managers under the microscope
There has been no shortage of people lining up to lambast the EU’s draft directive on hedge funds and private equity.
But today the UK’s Financial Services Secretary Lord Myners stepped up the attack, criticizing the draft rules on leverage caps and where funds can be sold and promising a blitzkrieg of lobbying.
“It is perhaps easy for other European countries to make political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience,” he told a meeting organized by the Alternative Investment Management Association this morning. “But it is woefully short-sighted, bordering on a weak form of protectionism.”
Declaring that the draft required “major surgery”, Myners set out plans to “leverage natural alliances” and also to win over other countries.