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AIMA Revises Hedge Fund Managers' Guide

by Robin Pilgrim, LawandTax-News, London

21 September 2009

The Alternative Investment Management Association (AIMA) – the global hedge fund industry association – in conjunction with the Irish Funds Industry Association (IFIA) has published the revised edition of the AIMA Guide to Sound Practices for Hedge Fund Administrators.

The revised Sound Practices Guide deals with the main functions typically carried out by hedge fund administrators, and outlines how administrators contribute to the overall management and administration of a hedge fund. It provides guidance to hedge funds, investors and other service providers as to how sound practice has emerged in the field of hedge fund administration.

The Guide, which was originally published in 2004, has been updated to reflect various industry developments in areas such as valuations, tax and anti-money laundering.

It covers:

  • a hedge fund’s start-up phase;
  • how administrators interact with a fund’s investors;
  • how the net asset value is calculated;
  • the additional services that administrators offer; and
  • the support functions they provide.

It is not jurisdiction-specific but is relevant to practitioners around the world.

The section on valuation – one of the most heavily discussed subjects in the investment funds industry – includes key extracts from the recent AIMA Guide to Sound Practices for Hedge Fund Valuation.

The recommendations outlined represent a significant step forward in providing a roadmap to industry professionals – and comfort to investors – in recommending governance, control and risk mitigation processes in this area.

The Guide to Sound Practices for Hedge Fund Administrators expands AIMA’s substantial international body of work developed over the last 10 years, including:

  • Guidelines on Managers;
  • Valuation;
  • Administration;
  • Governance;
  • Business Continuity;
  • Due Diligence for Managers and Service Providers;
  • Anti-Money Laundering;
  • Funds of Hedge Funds; and
  • Industry Certification in conjunction with the Chartered Alternative Investment Analyst.

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