The role of the hedge fund administrator has changed markedly. The global financial crisis and the Madoff fraud forced investors to reconsider their whole approach to alternatives. One consequence is that independent third-party administration has become a must have for all sophisticated investors.
The moves by the Millennium Management and Caxton Associates to appoint external administrators in 2009 show even the top managers can no longer justify self-administration to their investors.
The week on Risk.net, December 2–8, 2017Receive this by email