08.10.2010 Opalesque Exclusive: ‘Shadowing’ an administrator can sometimes improve NAV up to 25bps – Opalesque Zurich Roundtable
From Kirsten Bischoff, Opalesque New York:

Trust but verify. In the months since the financial crisis, this phrase has been used often when investors into hedge funds discuss their own risk management and due diligence. Post-Madoff it was not unusual at all to hear fund of hedge funds managers discussing “trust, but verify” as it applied to the even those managers they had invested in for

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