Global finance chiefs reviewing hedge funds

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GLOBAL – The central bankers, regulators and international bodies that comprise the Financial Stability Forum say they are scrutinizing the impact of hedge fund inflows on markets and institutions’ risk.

“Members discussed the impact of rising inflows to hedge funds on market functioning and on the risk profile of financial institutions,” the forum said in a communiqué.

“The FSF will continue to review developments with respect to hedge funds, drawing in part on the results of analyses being done by a number of bodies, at subsequent meetings.”

The Financial Stability Forum, chaired by Federal Reserve vice chairman Roger Ferguson, met for its 12th meeting on September 8-9 in Washington to discuss the “risks and vulnerabilities in the international financial system”.

Also under scrutiny at the meeting were offshore financial centres, which received “particular attention”. It said: “The FSF will consider appropriate steps, based on objective criteria and due process, to ensure further progress in this field.”

The next meeting of the Financial Stability Forum, which comprises senior representatives of the central banks, regulators and market authorities of 11 countries as well as international bodies such as the World Bank, the IMF and the European Central Bank, will take place in Tokyo next March.

Meanwhile the Alternative Investment Management Association and the Dublin Funds Industry Association today launched a free guide for hedge fund administrators.

The ‘Guide to Sound Practices for Hedge Fund Administrators’ is not specific to any one jurisdiction and “provides all interested parties with a meaningful outline of the administrator’s role in regard to hedge funds”.

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