The Alternative Investment Management Association of the U.K. is about to launch a third set of codes for hedge funds-of-funds, on the heels of two other sets of best practices issued in the last 18 months.
The Association plans to publish its codes next year.
Meanwhile, another U.K. hedge fund association, the Hedge Fund Working Group, issued its own set of best practices in January. In the U.S., the Presidents Working Group on Financial Markets issued standards for hedge funds and hedge funds-of-funds in April.
Rob Mirsky, a partner with Ernst & Young who specializes in hedge funds, applauded the three efforts, saying he didnt think there would be too much overlap and that the codes will improve disclosure and governance for the hedge fund industries in the U.K. and the U.S., making them stronger.
But the U.K. National Association of Pension Funds issued a statement saying it would prefer one set of standards. We would prefer one set of guidance which is both broad and clear and have each hedge fund sign up to that, the group said.