The Associated Press- In the place of new government regulations, the Bush administration is coming forward with some industry-developed "best practices" to guide the operation of hedge funds.
Those guidelines were scheduled to be unveiled Tuesday by Treasury Secretary Henry Paulson and the leaders of the two groups working on guidelines for the funds.
One set of recommendations provides guidelines on how investors of hedge funds should operate. It was drawn up by an investors’ group headed by Russell Read, the chief investment officer of the California Public Employees’ Retirement System (CalPERS), the largest pension fund in the United States.
The other set of recommendations designed to serve as guidelines for the managers of the hedge funds was draw up by an advisory panel headed by Eric Mindich, the head of Eton Park Capital Management, a large hedge fund.
