Hedge funds facing back office staff shortages - study
14 December 2007 | 13622 views | 0
Hedge funds are facing staff shortages in the back office and are struggling to retain employees, according to a US study by auditing firm Rothstein Kass.
The report - which surveyed over 500 chief financial officers at hedge funds with at least $100 million in assets under management - found 60% of firms do not currently have enough staff working in the back office and around 70% are having difficulty retaining personnel.
Howard Altman, co-managing principal, Rothstein Kass, says the huge inflow of capital seen by hedge funds in recent years has left back offices pressurised.
"Firms of all sizes are struggling to retain qualified personnel amid existing staffing shortages, including the CFO and COO levels," says Altman. "These problems will only be exacerbated by the industry's increasing institutional focus, since these investors generally demand stricter reporting and compliance capabilities."