HKMA says close monitoring needed on hedge funds

Hedge funds' activity needs to be monitored closely because their 'risk-taking . . . is often excessive,' the Hong Kong Monetary Authority (HKMA) said in a paper.

It cited as an example US-based fund Amaranth Advisors which collapsed last year after reportedly incurring losses of some 6 bln usd.

HKMA said in a paper posted on the website of the Legislative Council (LegCo) that hedge funds have been growing rapidly in recent years and that their assets amounted to some 1.2 trln usd globally by the

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