NEW YORK, Jan. 19 /PRNewswire/ -- Deloitte today announced it was selected as the top Big Four accounting firm service provider by hedge funds with $1 billion or more in assets, ranking second overall, in the Institutional Investor 2009 Alpha Awards. Deloitte has now ranked first among the Big Four in five consecutive years.
"Because their landscape has been altered dramatically over the last year, hedge funds want counsel that goes beyond the traditional. Counterparty risk, fraud, governance and oversight, risk management, regulatory and compliance are no longer back office concerns — they now rank alongside performance for both hedge funds and their investors as a significant differentiator in evaluating management of a fund," said Cary Stier, U.S. leader of Deloitte's asset management services practice. "But offering the right solutions is only the first step. It's through customized and responsive service, coupled with the validation offered by a global network of professionals, that clients reap the full benefit of these insights."
Stier added, "In a year that truly challenged the hedge fund industry, Deloitte is proud to be recognized as a leader in the marketplace by our clients. It is their belief in our commitment that has made our practice such a success. We will continue our efforts to earn their respect every day."
Deloitte was ranked first overall for client satisfaction for audit, hedge fund expertise, and regulatory and compliance by hedge funds with $1 billion or more in assets.
"To attract institutional capital, especially amid the swirl of enormous market turbulence, hedge funds need the help of capable and trustworthy service providers," said Michael Peltz, executive editor of Institutional Investor. "The Alpha Awards show which providers are winning hedge funds' trust."
The 2009 Alpha Awards surveyed more than 650 hedge fund firms, which collectively manage more than $1.1 trillion in assets.
As used in this document, "Deloitte" means Deloitte LLP and Deloitte Services LP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.