On June 19, former Bank of England deputy governor Sir Andrew Large announced that he had been recruited to lead a study into voluntary standards for the hedge fund industry. The study has been initiated by a working group of 13 of the largest hedge funds, including Man Group and GLC Partners.

The working group said the study will be carried out in the context of the UK Financial Services Authority’s more principles-based regulatory approach. The group will begin by reviewing existing principles, standards and guidelines.

The 13 initial hedge fund managers involved are: Brevan Howard, Brummer & Partners, Centaurus Capital, Cheyne Capital, CQS, GLG, Gartmore, Landsdowne Partners, London Diversified, Man Group, Marshall Wace, Och-Ziff and RAB Capital Plc.