The new Chairman of the Alternative Investment Management Association (“AIMA”), the leading industry body for the global hedge fund industry, has promised full and active cooperation with policy makers and regulators to facilitate the development of policy and any new supervisory framework for the industry in 2009.
Todd Groome, non-executive chairman of AIMA, commented: “AIMA is working closely with the various national and international bodies that are considering the way forward for the industry, and we believe that AIMA’s active cooperation and leadership will prove helpful for all parties.
This is an extremely challenging time, and many of AIMA’s members have suffered. We are mindful of the difficulties facing the industry and markets. But we are also aware of the resilience and strengths of the industry. These strengths include its diversity and flexibility, the many talented professionals, the variety of different funds that exist, and the many different strategies they employ. These strengths, as well as the industry’s desire to contribute as an important and established financial market participant, will greatly help us contribute to policy development in the months ahead.”
AIMA enters 2009 with a restructured executive team, following the appointment of Todd Groome (formerly Advisor, Monetary and Capital Markets Department of the International Monetary Fund) as non-Executive Chairman; Deputy Chief Executive Andrew Baker has been promoted to Chief Executive Officer. AIMA has been a champion of promoting industry sound practices since 1990.
Andrew Baker, ceo of AIMA, added, “This is a critical time for the hedge fund industry globally. We must be transparent and willing to cooperate with all those who have an interest in what we do and demonstrate to them the value of our industry not only in the narrow realm of financial services but the wider economy too. We do make an important contribution to the global economy and I am glad to say that is recognised by policy makers and regulators around the world.”
