Martyrs to transparency

摘要

Investors and regulators may clam-our for more transparency from hedge funds. But that is not, it seems, what the market is hearing. PlusFunds.com, based in New York, has tried to encourage transparency in hedge funds by persuading some new ones to list on the Bermuda stock exchange, requiring them to post daily asset values. Three years on, only 18 funds are listed, accounting for around $500m-worth of assets. Traders are sceptical that PlusFunds's valuations are meaningful, given the often illiquid instruments-such as derivatives or distressed debt and equity—in which many hedge funds invest.