AIMA to launch fund of funds guide

AIMA said the guidelines were necessary as the majority of investors in hedge funds used the FoHF route rather than going direct.

Andrew Baker, deputy CEO, AIMA, and a member of the steering group, commented: "With established sound practices in place for hedge fund managers and on various hedge fund-related topics, these guidelines will demonstrate both the amount of work achieved in this area to date as well as the industry's continued focus on documenting and enhancing its practices."

The guide, which is due to be published early next year, would set out clear principles for risk management, disclosure to investors, valuation, management of conflicts of interest and other issues related to the FoHF space.

AIMA members, with combined assets under management in excess of US$150bn, have been in the process of drafting the guide, which the organisation called a "practical business tool" for FoHF managers, investors and the wider industry.

Figures from AIMA showed the international hedge fund industry to be worth over $1.8trn at the end of Q1 2008, with some 2,600 active FoHFs.

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• Hedge Funds