Background checks on hedge fund managers are coming under more scrutiny, as part of an increasing overall focus on due diligence. Background checks are no longer just "window dressing," something that can be put into the marketing documents, noted Brian Reich, president of Atrato Advisors, an advisory firm in New York. Instead they reflect a genuine concern about what may be found, a wish to "find that needle in the haystack."
Randy Shain, executive vice president at First Advantage Litigation Consulting in New York, said that smaller funds of funds, particularly those that manage fewer than $1 billion, have realised...
This article was originally published in Alternative Investment News.