Newsletter Jun 2007: Hedge fund code is still an evolving idea

HEILIGENDAMM, Germany – Despite the failed attempt by German Chancellor Angela Merkel to win support at the summit meeting of the Group of Eight (G8) rich nations in early June, for a hedge fund code of practice, German regulators are undeterred. Axel Weber, president of the Deutsche Bundesbank told Global Risk Regulator a few days earlier that he did not expect an agreement on a code this year, given the resistance of countries such as the US and Britain. But Germany wanted to “start a process.” There was growing support for the idea, and some kind of code would eventually emerge, he thought.