Sunday, February 11, 2007

Hedge Funds: Finance Ministers To Srutinize Sector, Lax Oversight And Under-Regulation Targeted

Economic Powers to Study Growing Influence of Hedge Funds
By CARTER DOUGHERTY, Feb 11, 2007, The New York Times

ESSEN, Germany, Feb. 10 — Finance ministers from the world’s leading economies put the $1.4 trillion hedge fund industry firmly on the international policy agenda on Saturday, saying they would scrutinize the sector closely with an eye toward encouraging more self-regulation.
Representatives from the Group of 7 nations, who met in the industrial center of the host country, Germany, issued a statement saying that the practices of hedge funds, which have drawn growing concern from financial policy makers over the last few years, have “become more complex and challenging” in light of the industry’s prominence and volatility.
“Given the strong growth of the hedge fund industry and the instruments they trade, we need to be vigilant,” the ministers said in their statement. “We therefore agreed to further pursue the issue.”
Hedge funds, which manage vast pools of capital and operate largely outside regulatory scrutiny, have grown to become some of the largest and most important players in markets around the world, particularly on Wall Street and in London. On Friday, the Fortress Investment Group, the first hedge fund in the United States to go public, saw its shares rise 67.6 percent on the first day of trading...read more: here

2/11/2007 07:47:00 AM

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