Think of a number...


With scandals surrounding incorrect portfolio valuations on the increase, an independent set of eyes is vital to maintaining investor confidence

Are the portfolio figures and net asset value numbers churned out by hedge fund managers to justify their management and performance fees and attract new investors worth the paper they are written on? When OTC derivatives or other illiquid assets are involved, the answer, it seems, is 'no'.

To make a complicated job even more so, the vast majority of US onshore LP funds value their own portfolios. Only about 30% use third-party administrators and there is a suspicion that