Earth-shattering events happening here.You're an industry under siege. Regulators on both sides of the Atlantic--but especially those on one side, who talk funny and have buried the hatchet over those nasty world wars in an effort to stamp you out--are licking their chops, planning all sorts of horrible new rules. You're being criticized by, well, everyone, for your secretiveness, lack of transparency, and ties to both the Freemasons and Knights Templar. You've become a scapegoat for that whole unpleasant financial crisis thing.
What's the best possible thing you can do? Bar reporters from your annual confab in tony Key Biscayne, Fla.!
At least, that's what you'd do if you were the Managed Funds Association, which has decided that now is the perfect time to do away with its 15-year-long policy of welcoming the press to its annual networking shindig.
"There had been a couple of issues over the last two years," newly-installed marketing and communications chief D. Brooke Harlow explained. And alienating the reporters who would actually show their face at such an event--you can generally count the total with just two hands--is the perfect plan to do away with those issues, whatever they are.
Such seems to be the MFA's new policy--the largest hedge fund lobbying group in the U.S. imposed a similar ban at its "leadership conference" in New York in October. Which I guess means reporters will just have to, you know, actually be reporters and mine all of those fun new disclosure documents set to be imposed on the industry.
That's sure to generate the kind of press that industry lobbies adore.
Hedge fund trade group bans reporters from big conference [Investment News]