Hedge Fund Administration: Lifting the Veil

Pushing hedge funds to use independent administrators.


The decision by Union Bancaire Privée in December to pull all of its money from hedge funds that did not have an independent administrator may not have made many headlines. But the move by the Swiss private bank, which admitted to client losses of $700 million in the Bernard Madoff Ponzi scheme, offers the first public evidence of a change that has been quietly transforming the industry for more than a year.

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