Pensions & Investments reports that Simon Ruddick's Albourne Partners has given an "ultimatum" to hedge fund managers, telling them to comply with global risk reporting standards or risk being dropped from their approved list.
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London-based Albourne Partners was a primary force in launching The Open Protocol Enabling Risk Aggregation standards last year...
Now that MSCI Inc.'s RiskMetrics unit can readily generate reports using the OPERA standards, Albourne Partners will use a hedge fund manager's cooperation — or non-cooperation — as a knockout factor in its rating system, said Simon Ruddick, managing director and CEO. “There will be a grace period for existing managers. But if after a reasonable amount of time, they have not complied with reporting requirements, their hedge funds will no longer be recommended by Albourne,” Mr. Ruddick said.