AIMA revises Hedge Fund guidance
18 September 2009
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.”
