Forbes (Thomson Financial)- A group of Europe’s largest hedge-fund managers have proposed ways to make the industry more transparent in an attempt to head off calls for greater regulation.

The London-based Hedge Fund Working Group has drafted a proposed code of behaviour that would give investors and banks more information about the risks hedge funds take and how they value their assets, the Wall Street Journal reported.

The code would also require funds to disclose the full stakes they own in companies, including positions held through derivatives.

The group, which includes Marshall Wace LLP, GLG Partners LP and Man Group PLC, among its 14 members, will now solicit feedback from other UK hedge funds, as well as banks, investors and others.

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