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23 Jan, 2008

Nicole Blackmore - 23-Jan-2008

The Hedge Fund Working Group has published its best practice standards for hedge fund managers, which calls for managers to adopt an independent process for valuing portfolios.
The report also recommends enhanced disclosure to investors and managers having a comprehensive framework to manage risk

Compliance with the hedge fund standards will be voluntary and will operate on a "comply or explain" basis, according to the group.

The HFWG comprises 14 hedge fund managers and was set up last year in response to concerns both about the growing impact of hedge funds and financial stability.

HFWG chairman Sir Andrew Large, a former UK financial services regulator, says: "Our final report is the result of extensive consultation within the financial industry which has helped us to refine the standards and in some important respects make them more rigorous.

"Now it is up to investors to help take this forward. This is a voluntary, market-led initiative based on disclosure. It is the investors who can provide the market discipline to ensure these standards are widely adopted."

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