Hermes calls for greater hedge fund transparency
LONDON, May 31 (Reuters) - British pension fund manager Hermes has called for a shake-up of the hedge fund industry, demanding greater transparency and fee structures more closely aligned to performance.
The asset manager, which runs BT's (BT.L: Quote, Profile, Research) pension fund, said it wanted to set up a committee to help drive through reforms on disclosure.
"I believe that hedge funds want to do the right thing," Matteo Dante Perruccio, head of Hermes' hedge fund arm, told The Sunday Times.
Many countries are keen to impose greater regulation on the hedge fund industry following scandals such as the Bernard Madoff fraud.
A spokesman for Hermes confirmed the group's intentions.
(Reporting by John Bowker; Editing by Erica Billingham)
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