Financial Services Authority Hedge Funds
FSA Approves More Hedge Funds in 3Q than Last 2 Years
The Financial Services Authority, Britain's top financial regulator, approved 28 new hedge funds from July to September. In a sign that the hedge fund industry is almost completely recovered, the FSA allowed more hedge funds in the third quarter than in the previous two years.
The regulator said 28 new hedge funds registered between July and September. All told, 65 new hedge funds have registered in the first three quarters of this year, more than the 60 that registered all of last year.
FSA registration takes an average of six months, meaning most of the new firms have been planned since at least earlier this year. A surge of applications came in the first quarter.
Sixteen of the 28 new registrants were founded by veterans of some of Europe's larger hedge funds, including Brevan Howard Asset Management, Cheyne Capital Management, CQS Management and Odey Asset Management, Financial News reports. Source
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