The fund of hedge funds reporting quandry

As alternative investments become more common, investors are requiring greater transparency and better reporting. However, competing indices are confusing the issue rather than clarifying it

For as long as sophisticated investors such as high-net-worth individuals or foundations represented the bulk of hedge fund investors, alternative investment strategies were regarded as absolute-return strategies and often characterised by a high level of opacity.

However, with the arrival of institutional investors, investment practices in the alternative industry have undergone a profound rationalisation process. Hedge funds must now abide by sensibly higher transparency requirements and their