By David Lawder 10 minutes ago WASHINGTON (Reuters) - Hedge fund managers should improve disclosures of hard-to-value assets and give investors public company-style performance reports to bolster market stability, two U.S. Treasury committees recommended on Tuesday.The private-sector panels, in drafting best-practices guides, said hedge fund managers should set up independent committees for valuing assets and seek outside reviews when they base valuations of illiquid assets on models.
U.S. Treasury Secretary Henry Paulson said the intent of the reports was to signal to markets that "heightened vigilance" was necessary and that they need to tighten up their practices so as not to endanger the financial system.
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