The Alternative Investment Management Association (AIMA) has issued it's first global Guide to Sound Practices for Funds of Hedge Funds Managers, which was developed by a Steering Group composed of leading industry authorities from Europe, Asia and the USA.

The guide deals with topics including risk management, due diligence, disclosure to investors, valuation, management of conflicts of interest and other operational issues. It is aimed primarily at funds of hedge funds managers and should also prove useful to investors, fund directors, regulators, policy makers, and service providers.