Wednesday, 25 November 2015
Last updated 5 hours ago
May 19 2014 | 4:15pm ET
Hedge fund may avoid the dreaded designation "systemically important," after all.
A U.S. Treasury official said today that there has been "a bit of an overreaction" on the part of the asset management industry to the prospect of such a designation, which would place a firm under Federal Reserve oversight. Mary Miller told Bloomberg Television that it is "certainly an option" that no asset management firm will be found systemically important.
"We have to determine are there risks, and if there is a determination that there are risks, then you have to think about what are the remedies," she said. "Is it presented by an individual firm, by the industry as a whole, or perhaps by certain activities that asset managers engage in."
Power to designate firms lies with the Financial Stability Oversight Council, which held a public conference today featuring Citadel Investment Group's Kenneth Griffin. Miller said she hopes that the confab will "clear up a little bit of that misunderstanding."
Despite industry fears, "there is no pre-determined outcome," Miller insisted. "No judgments have been made."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…