Hermes plans hedgie overhaul

Hermes, the asset management giant which runs the BT pension fund, has demanded a more transparency and fairer fee structures in the hedge fund industry.<br /><br />Following a tide of calls for the sector to demystify as the credit crunch has rumbled on, the pension manager said it wants to set up a committee to push through reforms. Group head Metteo Dante Perruccio said the funds generally do want to do the right thing. <br /><br />Many countries are set to impose greater regulation on the hedge following scandals such as the Bernard Madoff fraud and the EU is gearing up potentially damaging regulation of the sector.