Risk USA: Hedge funds start to police themselves

The US initiative, led by Kenneth Winston, global chief risk officer at Morgan Stanley Investment Management, lists 25 key principles that hedge funds will promise to uphold. General statements could include provisions to have an 'independent risk function' and 'fair and accurate pricing' of securities. Problems could arise when, for example, a risk manager's salary is tied to the profits of a firm, because managers might be tempted to take on more risk in the hope of greater profits for the

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