Call for tougher rules on US hedge funds Manny Roman, a leading light of the UK hedge fund industry, has called for tighter regulation of the sector in the US to help prevent future scandals. "It is still possible to start a hedge fund in New Orleans with $20m under management, an administrator that no one has heard of, and with no need to register with the SEC [Securities and Exchange Commission]," said Mr Roman, chief executive of GLG Partners and chief operating officer of Man Group, which has $59bn under management, at last week's Fund Forum conference in Monaco. One would like slightly tougher regulation in the US. If something were to go wrong with hedge funds, I think it's much more likely it will be in the US than in the UK. Mr Roman was unmoved by any suggestion that tighter regulation and potential limits on remuneration could undermine the sector, saying: "If this industry becomes slightly smaller over time because it only attracts people who really love it, that would be a good thing." However, he said it was "hard to be bullish on equities in the next 10 years," and "very hard to argue against much higher in­heritance tax," given widening income and wealth inequalities.