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This article was authored by Philip Martin of Kinetic Partners LLP: “To be, or not to be: that is the question: Whether 'tis nobler in the mind to suffer the slings and arrows of outrageous fortune, Or to take arms against a sea of troubles, And by opposing end them?”

So cried the Prince of Denmark as he, in a troubled state, pondered whether he should take action, or not.

How apt is that short passage from Shakespeare’s Hamlet for today’s Hedge Fund Managers as they collectively ponder whether or not to sign up to and adopt the Hedge Funds Standards Board (“HFSB”) or President’s Working Group (PWG) Best Practice Standards?

The timing of this question could not be more apposite given the tumultuous, even historic, events that have rocked the financial world in the past few weeks. Without question the way the financial services sector goes about its business will change. Politicians on both sides of the Atlantic have voiced both concern and outrage at some of the activities that have contributed to the credit crunch and subsequent liquidity crisis. There have been suggestions that regulation has failed and much commentary in the media as it attempts to point the finger of blame.

Hedge Funds and their managers have attracted scrutiny in all of this and have, as an industry group, suffered some fairly vicious attacks. Some commentary has probably been fair enough, but some has been uneducated and at times darn ri......................

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