Working in tandem

The idea that the hedge fund industry is 'institutionalising' is taken for granted these days. The term is shorthand for a range of processes and changes that have huge implications for the business models, not only of the industry's managers, but also its service providers.

Administrators are not immune from the changes in the wider hedge fund industry, although it is also true those changes strengthen administrators' guiding principle and raison d'être.

This is to serve the interests of the in