Smoke and mirrors

Among its set of 15 recommendations AIMA advises:

• Hedge fund governing bodies to establish valuation practices prior to fund launches

• Governing bodies to take full responsibility for oversight of valuation processes for all instrument types

• Governing bodies to clearly segregate duties related to NAV determination processes – either by relying wholly on third-party administrators or pricing service provider for NAV calculation, or by setting robust internal controls if the manager itself h

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