The new chairman of hedge fund industry body the Alternative Investment Management Association has promised full and active co-operation with policy makers and regulators to facilitate the

The new chairman of hedge fund industry body the Alternative Investment Management Association has promised full and active co-operation with policy makers and regulators to facilitate the development of policy and any new supervisory framework for the industry in 2009.

'Aima is working closely with the various national and international bodies that are considering the way forward for the industry, and we believe that Aima's active co-operation and leadership will prove helpful for all parties,' says Todd Groome.

'This is an extremely challenging time, and many of Aima's members have suffered. We are mindful of the difficulties facing the industry and markets. But we are also aware of the resilience and strengths of the industry.

'These strengths include its diversity and flexibility, the many talented professionals, the variety of different funds that exist, and the many different strategies they employ. These strengths, as well as the industry's desire to contribute as an important and established financial market participant, will greatly help us contribute to policy development in the months ahead.'

Aima enters 2009 with a restructured executive team, following the appointment of Groome, formerly an advisor in the monetary and capital markets department of the International Monetary Fund, as non-executive chairman and the promotion of deputy chief executive Andrew Baker to chief executive.

'This is a critical time for the hedge fund industry globally,' Baker says. 'We must be transparent and willing to co-operate with all those who have an interest in what we do and demonstrate to them the value of our industry not only in the narrow realm of financial services but the wider economy too. We make an important contribution to the global economy and that is recognised by policy makers and regulators around the world.'

Founded in 1990, Aima has 1,280 corporate members in 47 countries including hedge fund managers, fund of hedge funds managers, prime brokers, providers of legal and accounting services and fund administrators.