NY hedge fund group seeks new industry standards

Reuters – The New York Hedge Fund Roundtable is seeking to establish professional standards to self-police the lucrative industry, both to prevent future scandals and avert the imposition of new laws on the $2 trillion industry.

"It’s a great industry. We don’t want to see it blown up because of a few bad guys," said Stanley Goldstein, founder of the ad hoc group, which meets regularly to discuss industry issues. "The industry has a public relations problem. It’s hard to find good press for hedge funds."

Goldstein, 73, the retired founder of accounting firm Goldstein Golub Kessler & Co and of several hedge funds, said professional associations — like the New York State Society of Certified Public Accountants — can exert powerful peer pressure on those who work in an industry.

Many hedge fund managers belong to self-policing financial industry groups, but none of those groups provide the imprimatur of the NYSSCPA, the American Institute of Architects or the American Medical Association.

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