Time to fly the flag again for smaller managers (Magazine Version)
November 01, 2011
It's not only the big guys who matter
The formation by global hedge fund association AIMA of a dedicated forum for smaller managers is a welcome and important step. It serves as a timely reminder that the hedge fund industry is not — and never has been — about just a small number of large managers. It is a business whose diversity, dynamism, spirit of entrepreneurialism and continual capacity for reinvention and renewal are among its greatest strengths and assets.
For all its excellent intentions and largely laudable work, the Hedge Fund Standards Board has sometimes given the impression that only the big guys matter. That has also seemed to be the attitude of the regulators, certainly in the UK. Their overriding focus on a small group of larger managers may perhaps be justifiable in terms of systemic risk management, although such a narrow field of vision can hardly give the financial supervisors a rounded view. But it has...
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