US – Capital Market Risk Advisors (CMRA), the New York based risk management specialist advisory firm, has published the results of its recent Net Asset Value (NAV) / Fair Value practices survey in the US.

The survey was launched in the wake of publicity over problems with the Manhattan Investment fund and Heartland Advisors, as well as the new SEC guidance on fair value fund pricing.

Participants included hedge funds, fund of funds, mutual funds and traditional asset managers.
And CMRA says the most worrying finding was the amount of non-participants who “passed the buck” when asked why they declined to take part.

The survey notes that some managers found that pricing issues were taken care of by custodians or other third party pricing services, whilst some fund of funds claimed to be unaware of how their funds sourced pricing.

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