Saturday, 18 April 2015
Last updated 21 hours ago
Feb 5 2009 | 12:27am ET
In another sign of these transparent times, Tuckerbrook Alternative Investment is offering its hedge fund investors daily asset statements, which will be prepared and delivered to by the funds' independent administrator, Citi Hedge Fund Services.
Under the new reporting system, clients will be provided daily statements specifying cash balances and aggregate fair market values of long securities and short securities.
“In light of the impact 2008 is having on the hedge fund business, transparency is the most important enhancement the industry can embrace," said John Hassett, managing principal of Tuckerbrook. “Although unique in the industry now, we would expect this level of reporting to become standard practice in the future.”
Ninety percent or more of all hedge fund investments are in co-mingled fund structures, with only the largest investors having daily accountability through separately managed accounts, according to Moses Grader, chief operating officer of Tuckerbrook.
“Daily transparency at the client account-level, delivered by a trusted third party, is a major step up in accountability to those investors that don’t have an SMA,” he said.
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…