Amid the global financial ructions, Tuesday’s publication of a set of voluntary standards for UK hedge funds felt like a solution to an old problem. Since work started on the project last June, mortgage lenders and structured finance desks have emerged as the mischief-makers, not managers taking straightforward punts on the movement of securities.

That is not to say the 140-page document – codifying existing best practices on disclosure, valuations, risk, governance and shareholder conduct – is a waste of time. On valuations, for example, it recommends third-party assessments. This tackles the conflict of interest inherent in most asset management models: while the manager is paid on the basis of assets going up in value, the investor just wants them fairly valued. The low cost of using the code’s kitemark should also encourage adoption, and not just in the UK, which is home to around 70 per cent of non-US hedge fund assets.