Saturday, 31 January 2015
Last updated 21 hours ago
Jan 4 2008 | 12:07pm ET
Hedge fund consultancy Albourne Partners is warning that a proposed voluntary code of conduct for the industry does not go far enough.
In a letter to the Hedge Fund Working Group last month, Albourne said “additional standards” were required to ensure compliance. “It is imperative that the industry accepts that times have changed and their responsibilities to investors have as well,” the firm wrote.
The Working Group consists of 14 top London hedge fund managers working together to produce a voluntary code under the leadership of former Bank of England deputy governor Andrew Large.
Among the changes in industry practice Albourne called for were improved governance, more non-executive directors, improved disclosure, particularly in prospectuses, and limiting the “arbitrary power” of the manager.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…