Tuesday, 5 May 2015
Last updated 11 hours ago
Mar 18 2014 | 11:05am ET
Hedge-fund investors and due-diligence specialists are not impressed with the people charged with overseeing their managers.
A whopping 76% told Corgentum Consulting that directors offered no real independent oversight of hedge funds, and 73% said that hedge-fund directors served no useful function at all. That pessimism is likely fueled by a sense that the directors are without influence; 62% told Corgentum that they feel directors have little credibility with the managers who, in theory, work for them.
“Offshore jurisdictions and fund directors have an ongoing public relations problem when it comes to investors,” Corgentum’s Jason Scharfman said.
Given their perceived uselessness, investors would like to see fewer hedge-fund directors, with 31% wanting their number capped at 15 per fund, and 24% wanting to see no more than nine at each fund. More than seven in 10 poll respondents said that directors should face personal liability if their hedge funds fail due to operational reasons.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…