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Long-Term Capital Management fund

Risk is greatest when there is no perception of risk

“Should the biggest fund management groups be regulated as systemically important financial groups, in the same way as the biggest global banks? The US Treasury’s Office of Financial Research has asked this question, and is inclined to answer “yes”. The fund management industry disagrees.”

“The question is central to the attempt to engineer a financial system, post-Lehman, that is fit for purpose. It is also very hard.”