Risky business - fund of hedge fund managers tackle the thorny issue of non-investment risk

Fund of hedge funds managers have decried a lack of deep risk management experience in some underlying hedge funds, and an arguably fadish adherence to the latest in-vogue risk acronym

Fund of hedge fund managers have noted a lack of risk management experience among underlying funds, while administrators have pinpointed paperwork as an oft-unnoticed Achilles heel in the funds of hedge funds industry.

Richard Horwitz, senior vice-president of risk management and performance analytics at Kenmar, notes many hedge funds have anointed their chief financial officer as risk manager, a move which he questions - "the chief financial officer really does not have the balancing perspective