AIMA Issues Fund Directors' Guide

by Carla Johnson, Investors Offshore.com

07 June 2005

Last week the Alternative Investment Management Association (AIMA), a top global hedge fund and alternative investment industry association, announced the launch of its Offshore Alternative Fund Directors’ Guide.

Created by a Working Group of leading industry professionals within AIMA’s global membership, the guide considers the fundamental practical, legal and tax considerations when selecting and appointing Directors of offshore alternative
funds. It explains the basic tasks which Fund Directors should carry out and suggests how they should manage their
relationships with the Fund’s service providers.

The Guide is aimed at:

• Investment Managers and promoters of new offshore alternative funds;
• Individuals who are considering becoming Directors of an offshore alternative fund; and
• The appointed Board of Directors of an offshore alternative fund.

“The Guide contains some detail as to requirements and general advice on several important issues such as the review
of annual audited accounts and issues relating to liability insurance”, stated Steven Whittaker, Chair of the Working
Group and Member of the AIMA Sound Practices Committee. “It should be noted that the Guide is produced by
volunteers who have worked extremely hard and they have our thanks for creating this valuable tool.”

The Guide is being sent at no charge to every AIMA member company in 46 countries as well as to all financial
regulators (70 institutions) and institutional investors (over 750 institutions) on its confidential database.

Founded in 1990, AIMA is a not-for-profit global trade association with corporate membership in 46 countries. AIMA focuses specifically on hedge funds, managed futures and managed currency funds. More than 840 corporate members (comprising over 2900 individuals) enable the Association to create global tools for the benefit of its members, institutional investors and regulators. Its objectives are: to increase investor education, transparency and promote due diligence and related sound practices, and; to work closely with regulators and interested parties in order to promote the responsible use of alternative investments.

Recommended