Making up the numbers is no longer an option


With regulators looking at how funds value their portfolios, change is in the air

The arcane subject of valuing hedge fund portfolios has been thrust right to the top of the agenda over the past few months, thanks to a combination of scrutiny from the Securities and Exchange Commission and the recent departure of a disgruntled employee from the Clinton Group, who suggested that there were serious question marks over the way the firm was valuing securities.

For many, the real surprise is that it has taken so long for the subject to attract this kind of attention, as valuation