A lot has changed for hedge funds in the past year. The collapse of Bear Stearns and Lehman Brothers alerted investors to the importance of counterparty risk, while the revelation that Bernard Madoff had made away with up to $50bn (£35bn, €38bn) in a giant Ponzi scheme thrust the importance of administrators and custodians into the spotlight as guardians of investors’ interest.

In the US in particular, where many hedge funds have been self-administered without question, the effect has been striking for hedge fund administrators and custodians.