AIMA Unveils Fund Of Funds Best Practices Guide

May 6 2009 | 11:37am ET

The international hedge fund industry group the Alternative Investment Management Association has published what it is calling the first-ever global best practice guide for fund of hedge funds managers.

The guide, which was developed by well-known funds of hedge funds practitioners, focuses on areas including risk management, due diligence, disclosure to investors, valuation, management of conflicts of interest and other operational issues.

According to AIMA, it will be a practical business tool for funds of hedge funds managers and will also seek to provide relevant and insightful information for investors, regulators and policy makers, and the hedge fund industry’s service providers.

The group involved in created the guide consisted of Unigestion, Financial Risk Management; Man Investments; Fauchier Partners; Pacific Alternative Asset Management; Ivy Asset Management; HDF Finance; Penjing Asset Management and Simmons & Simmons.

Andrew Baker, CEO of AIMA, and a member of the steering group, commented, “AIMA has produced a huge body of work on sound practices and this was the ‘missing book in the library’. It is particularly important given recent events that there should be dedicated guidelines for funds of hedge funds managers. Funds of funds are a critical sector in the industry, are of particular interest to institutional investors, and it is right that AIMA has taken the lead in documenting sound practices.”

The guide is currently only available to registered users of the firm’s Web site.

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