HedgeOp, CCOs Form Compliance Association

By, Maggie Shea

NEW YORK (HedgeWorld.com)—As pressure builds to impose regulations on various alternative investments after the collapse of Amaranth Advisors this fall, a group of chief compliance officers and a service provider have formed an association to monitor compliance issues in the industry. HedgeOp Compliance LLC, a specialized products and service provider to hedge funds, and CCOs from more than 10 alternative investment firms with combined assets exceeding $12 billion, today [Nov. 1] announced the creation of the Alternative Investments Compliance Association.

The new association aims to create lines of communication among industry members and compliance professionals and promote the development of compliance best practices, according to a news release. Its founding meeting was held on Oct. 3 at HedgeOp's offices in New York.

"The Alternative Investments Compliance Association is focused exclusively n the unique compliance and regulatory issues applicable to the alternative investments industry," said William G. Mulligan Jr., chief executive of HedgeOp Compliance, in a statement. "In this rapidly evolving environment, firms of all sizes can benefit from the development and sharing of formal policies and best practices for handling regulatory compliance and operational issues."

Initially, the association will focus on such issues as existing rules and procedures of the Securities and Exchange Commission, present and future legislative compliance and regulatory developments, sharing of compliance best practices among industry professionals and the use of technology to address compliance requirements.

Later this fall, membership will open to a wider audience to include chief compliance officers, mid-level compliance professionals, hedge fund and fund of funds managers, private equity firms, industry service providers and alternative investment senior executives, the statement said. The new association also plans to open an informational web site to be located at www.aica-info.com. More information on the Alternative Investments Compliance Association can be accessed by emailing membership@aica-info.com.

HedgeOp, founded in 2001, supports both registered and unregistered hedge fund managers with its specialized products and services.

MShea@HedgeWorld.com

HedgeOp, CCOs form Compliance Association (HedgeWorld membership required)