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The Alternative Investment Management Association and the Irish Funds Industry Association have published the revised edition of the Aima Guide to Sound Practices for Hedge Fund Administrators.

The revised guide deals with the main functions typically carried out by hedge fund administrators, and outlines how administrators contribute to the overall management and administration of a hedge fund. It provides guidance to hedge funds, investors and other service providers as to how sound practice has emerged in the field of hedge fund administration.

The guide, which was originally published in 2004, has been updated to reflect various industry developments in areas such as valuations, tax and anti-money laundering.

It covers a hedge fund’s start-up phase; how administrators interact with a fund’s investors; how the net asset value is calculated; the additional services that administrators offer; and the support functions they provide. It is not jurisdiction-specific but is relevant to practitioners around the world.

The section on valuation – one of the most heavily discussed subjects in the investment funds industry – includes key extracts from the recent Aima Guide to Sound Practices for Hedge Fund Valuation. The recommendations outlined represent a step forward in providing a roadmap to industry professionals - and comfort to investors - in recommending governance, control and risk mitigation processes in this area.

Andrew Baker, chief executive officer of Aima, says: “Aima is very pleased to offer the latest guidance in hedge fund administration sound practices to the global hedge fund industry and all interested parties. The guide also represents the latest contribution by Aima to the continuous development of industry standards that will benefit the entire investment community.”

Gary Palmer, chief executive of the IFIA, adds: “As the leading jurisdiction for the servicing of alternative investment funds, the Irish industry, once again, is very pleased to include the industry’s acknowledged expertise and experience in this valuable project whose objective is to contribute to the advancement of hedge fund industry practices.”

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