Hedge fund executives and investment professionals attending last week's SEC hedge fund forum have warned that if regulations in the United States become too onerous, the lightly regulated investment vehicles may be forced to relocate offshore.
According to an AFX News report on the two-day meeting, suggestions such as compulsory background checks and SEC registration for hedge fund managers, and client confirmation of independent audit findings were made, in response to fears that the increasing availability of the vehicles to inexperienced investors could expose them to risk levels beyond their tolerance.
Goldman Sachs vice chairman Robert Steel reportedly warned that a likely consequence of increased regulation on this scale would be an exodus of hedge funds to more friendly shores.
'The most portable asset is cash,' he observed.
However, fellow speaker, Douglas Scheidt, chief counsel for the SEC's investment management division, pointed out that regulators in many overseas finance centres are also now looking to increase scrutiny and regulation of hedge funds.
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