Hedge fund industry tackles best practices

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At the behest of America’s financial overseers, top hedge fund managers and investors have joined forces to develop a set of voluntary best practice guidelines for the hedge fund industry.

The President’s Working Group on Financial Markets, led by U.S. Treasury Secretary Hank Paulson, has recruited Eton Park Capital Management founder Eric Mindich to chair a hedge fund manager committee and Calpers’ chief investment officer Russell Read to lead a committee of investors.

The two groups will address issues such as valuation, risk management, due diligence and transparency for the industry, the need for which has been emphasized by