Moody's starts rating hedge funds' op risks

Rating agency Moody's Investors Service extended its reach into the little-regulated world of alternative investments in September with its first rating of a hedge fund's operational risk.

New York-based fixed-income relative value fund Sorin Capital Management, which manages three CDOs and invests in commercial real-estate debt, received a rating of OQ1 - the highest rating, for funds with "excellent" operational quality. The scale runs through to OQ5 for funds whose operational quality is c

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