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Matthias Knab reports "live" from South Africa: South African hedge fund players intend to set up a local hedge fund association in order to better address local issues.

The organization goes with the preliminary name of Hedge Fund & Alternative Assets Managers or HeFA. "Different countries are moving in different directions when it comes to hedge funds, and a lot of the issues that are pertaining to Europe or the U.S. are not relevant here in South Africa", said Ian Hamilton, former chairman of AIMA South Africa.

"As you have seen we have weathered the industry, the changes that are going on worldwide, we have not had the problems. First of all, we had very good market regulations. For example, for many years we already have a ban on naked short selling, which lead to the unprecedented step of our regulatory authorities coming out and stating that there was no need to bring in any other forms of regulations or interventions, in other words our current regulations are sufficient", continued Hamilton.

Local hedge fund managers point out that they done comparatively well compared to other South African asset classes, as well as against their international peers.

The new domestic association wants to cooperate closely with both the South African AIMA chapter and AIMA internationally. Hamilton added that his own company - administrator IDS - will remain a member of AIMA, and the new association will offer fee discounts to local AIMA members. He said tha......................

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