AIMA calls for enhanced co-operation

The Alternative Investment Management Association (AIMA) has promised its "full and active co-operation with policy makers and regulators to facilitate the development of policy and any new supervisory framework for the industry in 2009," according to a statement from the non-executive chairman, Todd Groome.

He said AIMA was working with various national and international bodies about the future of the industry.

"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," said Groome. He said the industry's diversity and flexibility as well as "the many talented professionals and the variety of different funds" and their strategies would be essential in 2009.

"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," noted Groome.

AIMA has a restructured executive team following the appointment of Groome, previously advisor, monetary and capital markets department of the International Monetary Fund, as non-executive chairman. Deputy chief executive Andrew Baker has been promoted to CEO.

Baker said 2009 would be a critical time for the hedge fund industry globally. "We must be transparent and willing to co-operate 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," he said.