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9 Mar 2009

SEC To Contact Hedge Fund Investors

At the MFA Legal, Compliance and Operations Seminar in New York last week, SEC staff described its examination and enforcement priorities for the foreseeable future with respect to hedge funds and investment advisers.

According to a letter obtained by HedgeCo, the SEC staff said that as part of their examination of hedge funds and investment advisers, the SEC intends to contact investors, verifying that the hedge fund/investment manager is providing the same statement information to both the client and SEC staff.

The concern here is that the manager might be providing one set of statements to the SEC for exam purposes and another set of statements to the clients that contain materially different account balances or performance information.

This aspect of the exam program may have significant investor relationship implications for fund managers. When questioned, the SEC staff members indicated that they may issue a press release stating that this aspect will be part of examinations going forward.

The SEC staff indicated that fund managers may run the risk of obstructing the examination by getting ahead of the process and communicating directly with investors ahead of SEC staff.

The SEC also warned investors about con-artists who may use the names of SEC employees to mislead, trick and conduct "emergency" examinations.

Hedge Fund Manager To Take Investors On Central Asia Investment Tour

Ansher Fund Management is planning an on-site tour of emerging investment opportunities in Uzbekistan and Kazakhstan, two representative markets across the Central Asian region.

Beginning in Tashkent, the capital of Uzbekistan and then to Almaty, the financial center of Kazakhstan, Ansher's investment team will deliver detailed presentations on the region's investment opportunities. The tour begins in Zurich on March 31st.

"During the visit, you will have a unique opportunity to gain a direct insight into political and business environment, as well as into potential lucrative investment opportunities of the Region." Ravshan Yunusov, Managing Director said, "You will have a chance to meet with the representatives to understand the legal and regulatory framework for the protection of foreign investments in these countries."

Ansher says they will assist with booking/flight/tickets/visas, see; for more details.

"We strongly believe that as a result of this trip, you will be pleasantly surprised with the investment potential of the Region, and explore the new frontier markets that offer opportunities for both diversification and growth of your portfolio." Yunusov said, "Central Asia and the Caucasus is still expected to remain as the fastest growing Region of the world according to IMF. Accordingly, our funds have performed strongly in 2008 (+14.2%), and we still anticipate significant growth opportunities in the Region for 2009."