Global CPA and business-advisory firm Grant Thornton is gearing to launch a new practice unit  — hedge fund internal control, governance and regulatory compliance services.

The firm said it created the new arm as a result of investor demand for greater transparency and pending hedge fund legislation.

The new services will include:
• Investment advisor assessments;
• Internal controls development and
regulatory compliance;
• Valuation and FAS 157 compliance; and,
• Independent attestations and opinions on internal controls.

It will be overseen by Jack Katz, GT’s national managing partner for its financial services practice.
Later in the year, Congress is expected to pass The Hedge Fund Transparency Bill of 2009, which would require investment companies or advisors that are exempt from normal registration, but have at least $50 million in assets under management, to register with the SEC.

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