Hedge Funds

MFA chief Gaine indignant, again

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Call it a sibling rivalry that just won't go away. Following a speech in which the Investment Company Institute's new president, Paul Schott Stevens, decried so-called predatory trading strategies employed by hedge funds, the president of the Managed Funds Association, Jack Gaine, fired back publicly. Gaine said he was disappointed with Stevens' remarks that he says cast hedge funds in a bad light. Gaine was particularly irate that Stevens accused hedge funds of "picking the pockets of long-term mutual fund investors" in describing the recent timing scandals. The MFA chief publicly suggested the new ICI president focus on