Would-Be British Pointman On Hedge Fund Regs. Seeks ‘Sensible Discussion’

May 6 2010 | 12:22pm ET

Should the British Conservative Party win today’s election—and manage to form a government—the country’s next Chancellor of the Exchequer will have a major issue on his plate on day one.

As Britons go to the polls, representatives of European Union countries are meeting today to hammer out their differences over the bloc’s proposed alternative investments regulations. In March, British Prime Minister Gordon Brown, who may well be out of a job tomorrow, refused to allow the EU’s finance ministers to approve the rules, which is necessary for them to become law. But they must come to a vote by May 18.

George Osborne, likely to become Chancellor under Prime Minister David Cameron, has previously pledged to maintain the governing Labour Party’s line on the hedge fund directive. But the U.K. is isolated in its opposition to the rules, and it is unclear that either Osborne’s Tories or Prime Minister Gordon Brown’s Labour could stop them.

“I’m not against a properly regulated hedge fund industry, but my concern is that the directive is poorly targeted and singles out the U.K.,” by far Europe’s largest hedge fund and private equity center, Osborne told the Financial Times.

Still, he may have little more than week or two to hammer out a compromise more favorable to the British alternatives industry.

“I’m not looking for a fight,” he said. “I’m looking for a sensible discussion.”


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.