If there was a trend towards the use of independent fund administrators, it is now in full swing. Bernie Madoff’s lack of independent administrators has been held up as one more red flag that investors should have noted.
As a result, hedge funds are expected to move towards independent administrators now in order to instil confidence in their investors. Millennium, the $11 billion multi-strategy fund, extended its services from independent administrator GlobeOp in January.
Vernon Barback, GlobeOp president and chief operating officer, says he is expecting other large well-established funds to follow Millennium’s lead as scrutiny of fund administration increases.
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