Back offices of HFs face staff shortages |
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December 21, 2007 |
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According to a US study by auditing firm Rothstein Kass, Hedge funds are facing staff shortages in the back office and are struggling to retain employees. The report found 60% of firms lack enough staff in their back office, while 70% are finding retaining personnel, a tough task. More than 500 CFOs at hedge funds with USD 100 mliiion or more in AUM, responded to the survey. Howard Altman,
co-managing principal, Rothstein Kass, says that the back offices
have been
stretched due to the huge inflow of capital
seen by hedge funds in recent years. "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."
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