An uneasy peace The relationship between hedge funds and their third-party service providers is rarely an easy one, but as investors push for greater transparency, fund administrators are coming under growing pressure to deliver more accurate and timely

Administration in any industry is a thankless task. That it is essential is without question, but whether those tasks are managed internally, outsourced, or ignored altogether, they can quickly become a source of frustration and controversy if anything goes wrong. In the hedge fund industry, outsourcing of fund administration has rapidly become the standard means for funds to assure investors of the professionalism and independence of their book-keeping. But both hedge funds and their investors