Hedge Fund Industry Associations To Form Transatlantic Alliance

by Robin Pilgrim, LawAndTax-News.com, London

09 April 2008

The Alternative Investment Management Association (AIMA), headquartered in London, and the Washington-based Managed Funds Association (MFA), announced on Tuesday that they are entering into an alliance that will allow the two organizations to work together more closely and to collaborate on key industry initiatives.

In making the joint announcement, Richard H. Baker, MFA President and CEO, and Florence Lombard, AIMA CEO, stated that: “MFA and AIMA will develop a framework for increased cooperation on issues of common interest such as the adoption of a global, principles-based regulatory system which will unify our members across jurisdictions and foster industry-wide compliance with the highest levels of sound business practices and integrity.”

Initially, MFA and AIMA will develop information exchange, participate on each others’ Boards, discuss the development of shared initiatives, and collaborate on educational seminars.

Christopher Fawcett, AIMA Chairman, explained that: “AIMA and MFA are seeking closer cooperation on issues of mutual interest and our aim is to facilitate communication among our members that will promote a unified approach to issues that impact our businesses and our ability to meet our investors’ needs."

"The international convergence of sound practices is the right way forward for the industry, and the demand and challenge now is for the industry to bring about convergence between the various standards proposed.”

Eric Vincent, MFA Chairman, added that: “Our members collectively represent the vast majority of alternative investment fund groups worldwide. We seek to establish a unified global industry voice, to avoid duplication of effort on common initiatives and to foster market disciplines and efficiencies for our members, counterparties and investors worldwide.”

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