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Aima criticises threshold for US Systemic Resolution Fund

Aima criticises threshold for US Systemic Resolution Fund


The Alternative Investment Management Association says the proposed asset threshold for firms required to contribute to the US Systemic Resolution Fund would impose disproportionately high costs on hedge fund managers.

Andrew Baker (pictured), chief executive of Aima, says the Financial Stability Improvement Act of 2009, which was just approved by the House Committee on Financial Services, would subject the hedge fund industry to more onerous requirements than other financial institutions.

The asset threshold for firms required to contribute to the Systemic Resolution Fund – a pool of capital that would be used to rescue firms deemed too big to fail - would be set at USD10bn for hedge funds yet USD50bn for all other financial institutions.

“The result of this would be to impose disproportionately high costs on hedge fund managers who do not themselves pose systemic risk,” says Baker.

“We hope this proposed measure is reconsidered before it becomes law and look forward to working with policymakers on a proportionate and workable outcome.”

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