August 5, 2010
post contributed by Timothy P. Selby, President, NYHFR
The New York Hedge Fund Roundtable has received a significant amount of attention in the media for its role in the New York state legislature's decision to abandon a proposed tax on the carried interest received by hedge fund managers who maintain an office in New York but reside elsewhere.
A debt of gratitude is owed to Governor Jodi Rell for drawing attention to this ill conceived proposal and for recognizing the New York Hedge Fund Roundtable as a credible means for delivering her message. The cross border debate aside, Governor Rell has demonstrated through her actions that the hedge fund industry is an attractive industry that should be embraced and not discouraged. I am grateful for the opportunity that was immediately placed upon us—to deliver a vital message to Albany and for playing a meaningful role in having the New York State legislature drop a proposal that could have led to dire consequences for the industry in general and New York in particular.
The New York Hedge Fund Roundtable has a dynamic and vibrant membership of over 1,200 people. To date, we have been committed to educating our members by delivering monthly speakers who discuss topics of relevance to the industry and a forum for the exchange of ideas. It has become apparent that our message is one that needs to be communicated outside of our membership. As a result, and as demonstrated by recent events, the New York Hedge Fund Roundtable will have an open door policy and readily welcome the opportunity to sit down with anyone at the state, local, or federal government and other constituencies who have an interest in learning more about the alternative investment industry and how proposed policies might impact the industry.
Stay tuned and informed. There is certainly more to come.