SFAS 157 lays out guidelines for measuring fair value and requires funds to report the "exit price"-the current price that would be received for an asset. "FASB 157 has greatly increased the required amount of transparency and disclosure of a hedge fund's portfolio," says Michael Patanella, partner at Grant Thornton.
However, while SFAS 157 does not explicitly address side pockets, hedge fund managers that use them as a means to separate illiquid or hard-to-value assets from the rest of their
Victor Anderson, who is in town from London, joins Anthony and James to dig into the key themes from Waters USA.Subscribe to Weekly Wrap emails
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