Hedge fund risk managers dispute need for transparency

“Full transparency is not what we need. We do need risk aggregation reporting, but not transparency at a position level,” said Luc Estenne, chief executive of Partners Advisors. Subu Venkataraman, chief risk officer at Highbridge Capital, added: “To me, telling the client is a trade off. As a risk manager, you constantly confront the problem of wanting to tell the client what is driving returns, without ‘throwing the baby out with the bath water’, so to speak.”

Frederic Berney, chief risk of

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