Herbies offers hedge funds a spring clean

• Herbert Smith has set up a team that will spend time in-house with hedge fund clients to ensure they do not commit market abuse. The so-called ‘healthcheck’, which is being offered for a fixed fee calculated on a case-by-case basis, is designed to tackle abuses such as insider trading and ‘trash and cash’ dealing. The first stage – a briefing on Financial Services Authority regulations and basic systems analysis – is being offered free of charge. A fixed quote is then offered for the rest of the service.