Friday, 6 May 2016
Last updated 2 hours ago
Mar 24 2014 | 2:08pm ET
The U.K.’s 20 largest hedge funds manage more than four out of every five pounds invested with the industry in the country, according to a new report.
The Financial Conduct Authority said that the top 20 firms control 82% of Britain’s hedge-fund assets under management. The regulator said the figure demonstrates the need for more oversight of the industry, in which London is the second-largest center, after New York.
“With nearly 20% of global assets under management here, it is important that people have confidence in how we regulate this market,” the FCA’s Clive Adamson said. “The challenge from us to the industry is to ensure that it operates to the highest standards of integrity.”
The FCA said its report is based on data from 49 firms and 106 funds. All told, 450 hedge funds are registered with the regulator.