U.S., U.K. hedge fund groups join forces

In the latest sign of the globalization of the financial services industry, the Washington-based Managed Funds Association today announced a collaborative partnership with the London-based Alternative Investment Management Association Ltd. Described as the world’s two leading hedge fund associations, the MFA and the AIMA will develop an information exchange, participate on each other’s boards, and develop shared initiatives and educational seminars, according to a joint statement. “MFA and AIMA will develop a framework for increased cooperation on issues of common interest such as the adoption of a global, principles-based regulatory system which will unify our members across jurisdictions and foster industrywide compliance with the highest levels of sound business practices and integrity,” MFA president and chief executive Richard Baker, and AIMA chief executive Florence Lombard, said in the statement.