Too good to be true

Although around $1bn has been lost to fraudulent hedge fund managers, due diligence can play a large part in sorting out the bad apples

Due diligence of a fund manager's background can limit exposure to fraud, particularly seeking out information on a manager's education and employment history.

Daniel Kramer, a partner in New York with law firm Paul, Weiss, Rifkind, Wharton & Garrison, says regulators worldwide are stepping up their investigations into hedge fund portfolios as concern over potential fraud grows.

According to the group's best reports, $1bn has been lost to fraud in hedge funds over the past five years. While $1bn

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