The Independent – Three major European and US hedge fund groups yesterday pledged to work towards worldwide best practice standards after G20 ministers outlined plans to regulate the freewheeling sector.

The London-based Alternative Investment Management Association and US counterparts the President’s Working Group and the Managed Funds Association have written to the Financial Stability Forum to draw together different industry standards, of which the first draft is expected by the end of next month, said Andrew Baker, head of AIMA.

The organisations are discussing a global standard on issues such as disclosure, risk management, dealing with conflicts of interest within an organisation and statements about operational and business controls.

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