English, Article edition: Hedge fund administrators and asset valuations – does it all add up? Harry McVea

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Bookmark: http://trove.nla.gov.au/version/31204
Physical Description
  • article
Language
  • English

Edition details

Title
  • Hedge fund administrators and asset valuations – does it all add up?
Author
  • Harry McVea
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to assess the role of hedge fund administrators, particularly in relation to valuing complex and/​or illiquid financial instruments. Design/​methodology/​approach – The paper proceeds by way of an analysis of key trends and developments within the hedge fund administration industry in relation to the regulatory challenges posed by complex and/​or illiquid instruments. Findings – The paper argues that, because of inherent problems over the attribution of value to complex and/​or illiquid assets, emphasis on independent valuation by administrators is largely misplaced. Recent events concerning valuation difficulties in the subprime mortgage market illustrate these very concerns. Originality/​value – The paper questions the ability of independent hedge fund administrators to provide reliable valuations for complex and/​or illiquid instruments. Independent valuation of such assets suggests a level of scrutiny that is in fact not present. Moreover, the financial market meltdown surrounding the collapse of the subprime mortgage market provides a timely and salutary reminder that independent valuations of complex and/​or illiquid instruments are inherently unreliable.
  • Asset valuation, Fund management, Hedging
  • RePEc:eme:jfrcpp:v:16:y:2008:i:2:p:130-141
Language
  • English
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