The Alternative Investment Management Association said in a statement on September 27 that Simon Lorne, the chief legal officer of hedge fund Millennium Management, has replaced Kathleen Casey as its chair. Casey, a former commissioner at the US Securities and Exchanges Commission, has held the role since 2012.
Lorne takes over at the helm of a body that represents alternative investment managers with more than $ 1.5 trillion under management. He does so with the industry facing new regulatory challenges in Europe and, more generally, questions about performance in challenging markets.
To help address the first of these challenges, Aima has added Ryan Taylor, the global head of compliance at Brevan Howard Asset Management, and Robyn Grew, chief administrative officer and general counsel at Man Group – two of Europe’s largest hedge fund managers – to its council of senior advisers.
Their input in representing the UK will be crucial as the country negotiates its exit from the European Union, with the terms of the split potentially having severe consequences for hedge funds and private firms’ ability to do business in the region.
Writing in FN in August, Grew said it was crucial that the City of London get stuck into the Brexit debate if it wanted to protect the UK’s status as a financial hub in Europe. She wrote at the time: “We cannot sit passively on the sidelines of the debate. We need to ensure our views and ideas are heard and understood by government, regulators and negotiators.”
Aside from regulatory issues in Europe, the global hedge fund industry finds itself wrestling with investor unrest amid poor performance. A report from the data provider Preqin, published earlier this month, found that, for the first time since the global financial crisis, hedge fund investors plan to withdraw more money than they put into the industry.
As well as Taylor and Grew, Aima has appointed Michael Weinberg, chief investment strategist at US hedge fund manager Protégé Partners, and Han Ming Ho, a partner at law firm Sidley Austin, to its council, which also has representatives from AQR Capital Management (Europe), CQS and Cheyne Capital Management, among others.
Eva Sanchez, deputy general counsel at Citadel in Europe, and Choo San Yeoh, a hedge fund analyst at Albourne Partners, have stepped down from the council.