'We welcome the communiqué from the G20 finance ministers,' says Aima chief executive Andrew Baker (pictured). 'Aima, as the trade body for the global hedge fund industry, has already announced its support both for the authorisation and regulation of hedge fund managers worldwide with their national regulators, and for the disclosure of systemically significant information.

'This is an endorsement of the industry leadership displayed by Aima when we put out the new policy platform on February 24 that featured a series of major proposals to increase transparency. We are pleased that these proposals are reflected in this communiqué.

'We are also glad that the G20 made reference in their progress report on the Washington Action Plan to the global initiative on the convergence of hedge fund industry standards by Aima, the Managed Funds Association and the members of the Asset Managers Committee established by the President's Working Group on Financial Markets.

'Our three groups, which represent the great majority of hedge fund managers globally, are working towards a common set of principles to take this process forward, which is a major step forward by the industry worldwide.'