The perils of pricing


Unspectacular returns from the equity markets have driven many investors to explore increasingly exotic and illiquid securities. This burgeoning demand has principally been met by the hedge fund community, but a number of hedge funds are struggling to provide their new clients with suitable investment and risk transparency. A crucial area is the way funds price their instruments, and institutional investors and funds of funds are discovering that the more complex the instruments, the more the pr

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