LONDON (Thomson Financial)- Europe’s biggest hedge funds have recruited former Bank of England deputy governor Sir Andrew Large to lead a study into voluntary standards for the industry in an attempt to head off pressure for greater regulation, the Financial Times reported.
The move is by 13 of the largest hedge funds, including Man Group and GLC Partners, the report said, adding a letter was sent late yesterday to 35 more European hedge funds inviting them to sign up to the working group.
The group will examine valuation, disclosure and risk management and is loosely modelled on the committee drawing up a voluntary code for the private equity industry under Sir David Walker, former chairman of Morgan Stanley Inernational and a former colleague of Large.
