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WASHINGTON (AP) - In the place of new government regulations, the Bush administration is coming forward with some industry-developed "best practices" to guide the operation of hedge funds.
Those guidelines were scheduled to be unveiled Tuesday by Treasury Secretary Henry Paulson and the leaders of the two groups working on guidelines for the funds.
One set of recommendations provides guidelines on how investors of hedge funds should operate. It was drawn up by an investors' group headed by Russell Read, the chief investment officer of the California Public Employees' Retirement System (CalPERS), the largest pension fund in the United States.
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