Investec, Jupiter Chiefs Hit Back At FSA Critique

Nov 12 2012 | 12:59pm ET

A couple of hedge funds are not taking some pointed regulatory criticism lying down.

Ed Harley, head of the U.K. Financial Services Authority's asset management department, last week blasted hedge funds for failing to put client interests first. Harley said that many firms were merely "paying lip service" to that standard.

Not so, two hedge fund chiefs say.

"The FSA is right to make sure the industry sticks to the standards set for it," Investec Asset Management CEO Hendrik du Toit told Financial News. "But, by any standards of any industry, I would challenge anyone to argue that it is not largely aligned with the interests of its clients."

"We are the guardians of people's savings, so we need to be worthy of their trust," Jupiter Fund Management CEO Edward Bonham Carter added. "The industry is not perfect. But it is in a better place than it was 10 years ago."

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