Florence Lombard

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Politicians and regulators like to lay the blame for the ills of the global financial system at the door of the hedge fund industry. But Florence Lombard has seen it all before. AIMA's executive director was a founding member of the association in 1990 when it started life as the European Managed Futures Association (EMFA) at a time when similar accusations were being hurled at the derivatives industry.

"Remember Metallgesellschaft, Orange County, Sumitomo and Barings," she says, referring to

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