FASB Rule Leads Funds to Change Side-Pocket Valuations
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
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