By Sophie Baker
The Alternative Investment Management Association (AIMA) and the Irish Funds Industry Association (IFIA) have published a new, revised edition of the AIMA Guide to Sound Practices for Hedge Fund Administrators.
The global hedge fund industry association and the IFIA revised the publication, which deals with the main functions that fall under the responsibilities of hedge fund administrators, and outlines how they can contribute to overall management and administration of a hedge fund. Originally published in 2004, the updated version reflects industry developments in areas such as valuations, tax and anti-money laundering. Hedge fund administrators can read up on a hedge fund's start-up phase, how administrators interact with a fund's investors, the calculation of net asset values, additional services offered and the support functions that administrators provide.
"AIMA is very pleased to offer the latest guidance in hedge fund administration sound practices to the local hedge fund industry and all interested parties," commented Andrew Baker, chief executive officer of AIMA. "The guide also represents the latest contribution by AIMA to the continuous the latest contribution by the AIMA to the continuous development of industry standards that will benefit the entire investment community."
One section of the Guide covers valuation, an important issue in the investment industry, consists of recommendations which AIMA said represent a significant step forward in providing a roadmap to industry professionals and comfort to investors, when it comes to governance, control and risk mitigation processes in this area.
Gary Palmer, chief executive of the IFIA, added: "As the leading jurisdiction for the servicing of alternative investment funds, the Irish industry, once again, is very pleased to include the industry's acknowledged expertise and experience in this valuable project whose objective is to contribute to the advancement of hedge fund industry practices."