Madoff opens doors for admin boutiques

After the Madoff scandal broke, questions were raised about how one of Wall Street's largest Ponzi schemes could have gone unnoticed for so long. One factor that certainly contributed to the scheme's success was the firm's opaque internal fund administration apparatus. In Europe, and to a more limited extent in Asia, independent fund administration is standard. Boutiques like Custom House Group, along with established banking names, provide varying levels of fund administration servi…