It's only been a few days since Paul Schott Stevens, the ICI's newly minted president, gave his first official speech at the National Press Club, but Stevens is already under attack.

The Managed Funds Association (MFA), a 600 plus-member strong trade group representing hedge funds, funds of funds and other alternative investments, fired back at Stevens' remarks implicating hedge funds in the mutual fund scandals.

John G. Gaine, MFA's president, said that although "[w]e recognize the daunting magnitude" of Stevens' tasks, Stevens and the ICI should focus on "structural reforms necessary in the mutual fund industry to ensure that recent misconduct is prevented going forward."

Gaine also stated that the MFA supports "long overdue" reforms in mutual fund regulation. It remains to be seen whether the MFA will be as enthusiastic if the SEC implements hedge fund regulation. 

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