A draft European Union law that would subject hedge funds to new regulatory controls needs "major surgery" before Britain can support it, Lord Myners, a UK Treasury minister, said on Tuesday. The financial services minister, in a fiercely critical speech, hit out at European countries seeking to "make political capital" from advocating a clampdown on the hedge fund industry, calling their actions "woefully short-sighted" and "bordering on a weak form of protectionism"."It is perhaps easy for other European countries to make political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience," he said.
The financial services minister, in a fiercely critical speech, hit out at European countries seeking to "make political capital" from advocating a clampdown on the hedge fund industry, calling their actions "woefully short-sighted" and "bordering on a weak form of protectionism".
"It is perhaps easy for other European countries to make political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience," he said.
In 1985, he moved to pension fund manager Gartmore as chief executive, becoming chairman in 1987 and remaining there until 2001.[5] During this period the funds managed by Gartmore rose from £1.2bn in 1985 to £75bn in 2001,[4] and Myners earned an estimated £30m.[7] With his retirement from Gartmore in 2001 he chose to focus on a wider range of interests, acting as non-executive director and chairman in a number of companies and third sector institutions.[4] He was a director at NatWest until it was taken over by Royal Bank of Scotland in the spring of 2000.[8] In 2000 he became Chairman of the Guardian Media Group, publisher of The Guardian and The Observer newspapers.[5]
In 1985, he moved to pension fund manager Gartmore as chief executive, becoming chairman in 1987 and remaining there until 2001.[5] During this period the funds managed by Gartmore rose from £1.2bn in 1985 to £75bn in 2001,[4] and Myners earned an estimated £30m.[7] With his retirement from Gartmore in 2001 he chose to focus on a wider range of interests, acting as non-executive director and chairman in a number of companies and third sector institutions.[4]
He was a director at NatWest until it was taken over by Royal Bank of Scotland in the spring of 2000.[8] In 2000 he became Chairman of the Guardian Media Group, publisher of The Guardian and The Observer newspapers.[5]
Although his political views are not well known, The Independent reported that "a Labour Cabinet insider" said of him that "for a City grandee he has a genuine instinct for social justice."[4] Myners has never donated to the Labour Party, but in 2007 he gave £12,700 to Gordon Brown's leadership campaign.[5]
