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New Managers July 2012

Servicers' Spot IMS: New funds must not be disheartened by the regulatory challenges


Peter Moore

Peter Moore is head of compliance and regulation for the IMS Group, a global compliance group for the asset management and securities industry. Its clients include many of the world's largest hedge fund managers, private equity firms, fund of funds managers, family offices and institutional pension fund managers.

He talked to Opalesque about the regulatory and compliance challenges that new hedge funds are facing now, and advises them not to be discouraged by the new, demanding requirements.

"Over the last few years, column inches have been taken up by the many political and regulatory responses to the financial crisis," he said. "We have the responses in the US with the Dodd-Frank Wall Street Reform and Consumer Protection Act, and then in the UK where there is a very large number of new initiatives and new directives coming from Europe in order to respond to the financial crisis, such as those relating to short selling, central clearing for OTC derivatives and a new regime for some managers and distributors of alternative funds."

In his career, he has never seen such a level of change. But this is not a brick wall.

"The key message to any start-up is that none of the challenges, whether they be old or new regulatory challenges, are insurmountable. They all have a few basic themes which are: integrity within the financial market, the fair treatment of clients and investors and the supply of information. Despite all the regulation and the cost to comply with it, if a new firm has a business case for starting up a new venture, a new fund, it must not be distracted or disheartened by the regulatory challenges it faces. These are all surmountable with the right ad......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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