The ratings race

Rating agencies are attempting to cash in on the lucrative hedge fund industry by launching a variety of ratings offerings. However, some critics say these ratings are of limited value to investors, and could end up penalising smaller firms and emerging managers. By Rachel Wolcott


It is common for hedge funds to be described as mysterious, secretive and risky. For years, investors, regulators and even some hedge fund managers have called for the industry to become more transparent, in part to change its image. Now, global rating agencies have unveiled ratings products that they believe will promote transparency.

Moody's Investors Service recently launched operational quality ratings aimed at assessing the robustness of a hedge fund's operational infrastructure, while

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