Representatives of the asset management industry pushed back against efforts to force them to adopt industry-wide standards on risk management during a meeting at the Commodity Futures Trading Commission yesterday. They said the move could lead to a "one size fits all' approach that ignores the different business models in the asset management industry. "There are many risk management tools but the investor [should] figure it out. Otherwise we are making out that we know what the right risk management tool is," said Manish K. Mital, general counsel and managing principal at Halcyon Asset Management LLC. Blackrock, which manages $4.3 trillion in assets, and Fidelity which controls $1.8 trillion in assets are among the biggest asset managers in the industry. Thomas Lloyd, general counsel at Campbell and Company, said regulators should avoid a single approach to risk management. "To try to have a formula will have unforeseen consequences. To put a new set of rules around risk
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