By Svea Herbst-Bayliss 47 minutes ago BOSTON (Reuters) - Hedge fund firms often pride themselves on being ahead of the curve on financial trends but roughly 70 percent lag behind on planning for their own futures, according to a study to be released on Tuesday."Regardless of firm size, most participants have not taken all of the necessary steps to ensure a smooth transition in the event of a change in the senior management team," said Rick Flynn and Alan Kufeld, who provide tax, accounting and consulting services to hedge funds as principals at Rothstein Kass.
Rothstein Kass sponsored the survey, which was conducted by wealth management experts Russ Alan Prince and Hannah Shaw Grove. The pair polled 349 U.S.-based hedge funds in recent months to assess how ready players in this loosely regulated industry are to handle change at the top.
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