The Alternative Investment Management Association has published a revised guide to Sound Practices for European Hedge Fund Managers. The Guide - originally published in 2002, is intended to be a practical business tool for hedge fund managers, and to provide relevant information for the investor and regulatory community, and to those servicing and providing professional advice to the hedge fund industry. The Guide covers the following key issues: • Creating and Managing a Hedge Fund Business • Investment Process and Portfolio Risk Management • Portfolio Administration and Operational Controls • Raising Capital and Investor Relations • Hedge Fund Structures and Organisation. Florence Lombard, Executive Director of AIMA said: “Since AIMA’s inaugural Sound Practices Guide was published five years ago, the European hedge fund industry has grown dramatically from US$64 billion to over $450 billion today. The industry has also evolved in terms of investment techniques, strategies, financial instruments used and, indeed, the way in which the industry is regulated. “This updated guide reflects these significant developments and seeks to provide guidance on the additional matters which a hedge fund manager should take into account now.”