Two financial industry groups will soon issue a final joint report on best practices for hedge funds, Anthony Ryan, acting Treasury undersecretary for domestic finance, told a conference today in New York.
In September 2007, the PWG (Presidents Working Group on Financial Markets) facilitated the formation of two private-sector groups to develop voluntary industry best practices, the Asset Managers Committee and the Investors Committee, Mr. Ryan said at the Securities Industry and Financial Markets Associations annual conference.
In April of this year, the two groups issued draft best practices for hedge fund managers and for investors in pools, and they expect to issue finalized practices very soon, said Mr. Ryan. He would not elaborate.
Treasury Secretary Henry Paulson, who was scheduled to speak at the conference, cancelled his appearance on short notice because of meetings in Washington.
The Asset Managers Committee represents the alternative asset management community, while the Investors Committee represents endowments, foundations, corporate and public pension funds and investment consultants as well as other investors. The two groups draft is called Principles and Best Practices for Hedge Fund Investors.