The words "hedge fund fraud" may make for a snappy title in the trade and general media, however when taken in the context of the number of hedge funds worldwide, the actual incidence of such fraud is very small,
Nonetheless, one hedge fund fraud is one hedge fund fraud too many - especially if you happen to be the investor.
A common factor in a number of recent cases, most if not all of which involved US managers, has been the absence of an independent third-party administrator.
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