Bear Stearns to increase risk controls

Following hedge fund problems, asset management risk control will report to parent's risk czar.
JUL 03, 2007
By  Bloomberg
Bear Stearns Cos. is planning to increase risk controls at its asset management unit following the debacle of two of its hedge funds, according to the Wall Street Journal. To ensure closer supervision of $60 billion it has under management, Bear likely will have the risk management team at Bear Stearns Asset Management report to the parent company's top risk official, Michael Alix, said the newspaper, citing people close to the matter. Two funds at Bear suffered huge losses last month after they made poor investments in risky securities backed by subprime mortgages.

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