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Best practices require hedge funds to pay people to serve as directors. In actual practice, investors would just as soon do without them—unless they’re allowed to sue them.
Corgentum Consulting, a provider of hedge fund operational due diligence reviews and background investigations, reported last week that 73% of investors and operational due diligence analysts surveyed felt directors did not serve a useful function.
Worse, 76% said directors did not provide true independent oversight of funds….
“Compounding the problems, 62% of the group surveyed felt directors didn’t have much credibility with fund managers,” he said….
Seventy-one percent of investors and operational due diligence analysts surveyed felt that directors should be held personally liable if a fund failed for operational reasons.
Hedge Fund Directors Are Useless, Most Investors Say [ThinkAdvisor]