U.K. Signals Willingness To Deal On Hedge Funds

Apr 24 2007 | 10:07am ET

Is the U.S.’s chief ally on hedge fund regulation wavering? Ed Balls, a minister the British Treasury, said yesterday he would consult other European countries about pooling information regarding hedge funds in an effort to protect London’s financial establishment.

Of course, under such a scenario, the U.K. would do most of the sharing: London is home to 90% of Europe’s hedge fund business. But he did indicate that the U.K. and Chancellor of the Exchequer Gordon Brown are taking a softer line towards Germany’s push for greater transparency and supervision of hedge funds than are their American colleagues.

“Following discussion with the FSA, we believe that the quality of prudential supervision of hedge fund activity would be enhanced if there were greater co-operation between the key regulators,” Balls said at a conference sponsored by the chief U.K. regulator, the Financial Services Administration. “One option would be to broaden the six-monthly enquiries that the FSA currently carries out to other major regulators.”

Balls did warn that he and his boss continue to oppose any heavy-handed regulation of hedge funds.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...