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Michael Hintze, chief executive and senior investment officer, CQS

1) What is the single most damaging unintended consequence of this year's wave of regulation?
My main concern is that regulatory complexity will lead to extra costs, without extra benefits. Whether this is Basel III which, among other things, is making it difficult for banks to lend to SMEs, Dodd-Frank which is leading to liquidity being taken out of markets or the AIFM Directive which threatens competition and to restrain trade. Do we really need more global regulation? Surely we need competing regulatory regimes and greater global transparency.
2) How far along the path to recovery are we?
This depends where. The US is still in the early stages of recovery with the major structural problems yet to be addressed. In Europe, the UK is dealing with these structural issues, but several European peripheral countries have not as yet. Asia is probably being over stimulated by US QE which is stimulating the world, but not the US. Capital markets, though likely to be increasingly volatile are well positioned, while many western real economies are not.

Financial News asked four senior figures from the hedge fund industry for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Lauren Willington

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