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From Kirsten Bischoff, Opalesque New York:
In Part One of this series on hedge fund administrators, we questioned if third party administrators had become a necessity in today’s hedge fund industry (that article can be found here: Source). In Part Two of this series we will take a look at the legal accountability hedge fund administrators may or may not have in the case of hedge fund fraud.
As all across the financial industry managers work to regain the trust of investors, the fraud cases uncovered throughout 2008 have resulted in investors demanding increased transparency and additional risk protections before they will return to this space. For hedge funds, which had their fair share of uncovered fraud during the past 12 months, these protections include a rising demand for third party administrators.
According to the “2008 Fund Admin Factbook” published by research firm Carbon360, amongst many various other responsibilities, the fund administrator “provides full company secretarial services by ensuring that all company laws are followed and regulatory requirements are in good standing. Specifically, the fund administrator will maintain the statutory books and records to ensure regulatory files are completed before deadlines, and conduct annual shareholder meetings”…(...................... To view our full article Click here
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