Here is an extract from the Report on Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Funds Sector, released by the Central Bank of Ireland on 18th November, 2015.
There are a bunch of expert hedge fund accountants out there who haven’t a clue about private equity fund accounting. Why would they? They’ve been working on hedge funds for the last 10 years, or whatever. Consequently, should their firm take on private equity funds, those accountants are at a serious disadvantage.