Avoiding regulatory and compliance issues when building or discussing operational infrastructure of an alternative asset program is a mistake, says Deborah Prutzman, CEO of The Regulatory Fundamentals Group. “A proactive approach differentiates a manager from the pack,” she says, “and can allay those often-unspoken investor concerns that frequently delay an initial allocation, reduce its size, or prevent it altogether.” FINalternatives

Now is the time for accountants to get their public accounting license, counsels Brian Blake, head of the accounting / finance group and a partner in Green Key Resources.

“Candidates with CPA’s tend to be the most marketable,” he says, discussing the hiring outlook for 2012. “Public accounting has consistently been one of the hottest sectors year on year but we have recently seen a pick-up in the hedge fund and private equity space especially at the more senior level which is a positive sign.”

Brian, who was named a firm partner last year, says that the meltdown of the banking and brokerage business that triggered the recession a few years ago, though largely behind us, has left a legacy of caution. Employers may be adding staff, but they are doing it carefully.

“Certainly employers have become more selective as the market has tightened up,” he says, “but there still remains a shortage of quality accountants in the marketplace today.” In particular he says, “CPA’s remain in short supply in all industries,” adding, “We have also seen a bigger demand for accountants specifically with product knowledge. Internal audit is another skill set that is highly marketable and in short supply.”

Brian advises candidates who have the skills to make sure their resume reflects that. “Well-written resumes always stand out,” he says. The other best thing a candidate can do to improve their hireability is get their CPA. Make it a priority, he recommends.

The division’s diverse clientele, which includes banking, alternative asset management, entertainment, media and public accounting, keeps the 16-person New York office especially busy. Candidates discover Green Key through a variety of means, though recruiters focus on referrals and direct sourcing.

“Because of the size and structure of our group, we have the ability to specialize across industries and functions,” says Brian. “Our screening process is thorough; we meet with each one of our candidates face-to-face and take the time to understand their job search plan.”

“Our goal is to deliver the best service to our candidates and clients. I believe our team is the most talented accounting/finance group in the NY metro area.”

The  2012 Hedgeweek Awards were announced in London recently, with more than three dozen funds and firms winning top honors in one or another of the sectors.

The selection of the top firms in each category — ranging from “Best Long/Short Equity Fund Manager” to “Best European Third Party Marketing Firm” — was made by Hedgeweek’s 41,000 subscribers. They include individual and institutional investors as well as fund managers and other industry professionals at firms including fund administrators, prime brokers, custodians, law firms, consultants and advisers.

In announcing the winners, Hedgeweek said the 2012 awards “honour the resilience of the industry as it copes with a succession of financial and economic upheavals that began nearly five years ago, and that have ultimately contributed to its manifestly increased maturity and professionalism.”

The awards were reported in a special Hedgeweek report that included a look at many of the winning firms and funds, as well as a review of 2011, which the publication called “another year of gloom.” Despite a second losing year out of the last four, the report found “the mood across the industry is optimistic, albeit cautiously so.”

Notably, there were more new hedge fund launches last year than any time since the world economic recession began in 2007. There were 1,113 new funds launched last year, not far off the 1,197 launched in 2007.

The strong start to 2012, says the Hedgeweek report by its editor, Simon Gray, “has done much to dispel the gloom.” Quoting Charles Gradante, co-founder of the investor adviser and research firm Hennessee Group, the report says, “Hedge funds are off to their best start since 2000.”

Event-drive hedge funds had a disappointing 2011, impacted as they were by what Anne-Gaelle Pouille, associate director, Pacific Alternative Asset Management Company, calls a “Bermuda Triangle” of factors. Taking a fresh look at 2012, she offers some hope “the environment in which event-driven hedge funds operate seems to be improving.” FINalternatives

In a very public resignation published this morning in The New York Times, former Goldman Sachs executive director Greg Smith blasted the investment firm for a culture that is “toxic and destructive.”

“It makes me ill how callously people talk about ripping clients off,” said Smith, who headed the firm’s United States equity derivatives business in Europe, the Middle East and Africa until today.

The response to his op-ed piece was both fast, and substantial. From Forbes’ call for the resignation of Goldman Sachs CEO Lloyd C. Blankfein, to  the packet of posts on  The Huffington Post, and even a humorous parody in the United Kingdom’s Daily Mash, Smith set off a firestorm.

Was Smith a disgruntled employee venting publicly, as the left of center Mother Jones magazine suspects? Or is Smith’s letter a catalyst for public discussion of the role of big finance and investment banking? Or a little of both.

With the regulatory spotlight shining ever more brightly on senior managers and fund leaders, the Securities and Exchange Commission held a day-long conference recently to send the message that it’s up to them to create and manage an effective control environment. Evaluate your business units on their overall performance, not just their financial results, speakers at the conference counseled. When problems are found, deal with them. FINalternatives

Were you happy with your bonus this year? The majority of Wall Street (not the location, but the industry) was. With the bonuses now mostly distributed, a survey of how well they  were received finds 56% of the recipients reporting what they got met or exceeded their expectations. It’s the 35% who say the bonus fell short of what they were expecting that most concerns firms. Some of the recipients got exactly what they deserved. However, the survey found a third of the disappointed professionals performed well, but not their firm. The biggest worry now? A number of top earners are falling into the disappointed group, which can create retention problems as the hiring environment improves. eFinancialCareers

What’s more fun than managing a hedge fund? Owning a baseball team. At least that’s what SAC Capital Advisors founder Steven Cohen must be thinking. He was hot on the trail of the New York Mets before turning to the Los Angeles Dodgers when the team came up for sale in the fall. He’s now made the short list, thanks, no doubt, to his deep pockets. (He’s a multi-billionaire.) There must be something about hedge funds and baseball, because one of the other bidders making the short list is the Disney family and Stan Gold, manager of the family’s hedge fund, Shamrock Holdings. ESPN Los Angeles

The 2012 predictions of asset managers in the U.S. bring to mind that line from All About Eve: “Fasten your seat belts, it’s going to be a bumpy night.” In this case, it’s going to be a bumpy year. Although it’s a bit of an understatement, considering what some of his colleagues are thinking, Patrick P. Campo, partner with Alternative Investment Management, sums it all up when he says, “We believe volatility will continue in 2012.” There’s much more detail and specifics in this look forward from alternative asset managers. FINalternatives.

Just because you’re a reader of this blog, we have a special gift for you: An extra day next month to catch up on things.

OK, OK. Caught us. It’s leap year, so everyone will get that extra day. But hey, if you’d rather use it for fun, then stop doing stuff that only offers the illusion of working.

You know what we’re talking about. Things like checking your email every time that message icon pops up, or dropping what you’re doing to respond. Or actually reading every article on a Reply All list.

Author, business strategist, and consultant Dorie Clark has five suggestions for becoming more productive this year. These aren’t the usual time management yadda, yadda. None of those “finish one task before going on to another” kind of tips. Though, and here is a brief digression, it’s worthwhile to keep those routine efficiency tips in mind. And to actually practice what the experts preach. For instance:

• Make a daily list of key tasks and check each off when completed.
• Don’t just sort paperwork; handle it, then file it.
• Prioritize tasks. Important things first.

No less an authority on work and gens X & Y than Penelope Trunk says most multitasking reduces productivity. So, to be most productive, don’t multitask.

Now, back to Dorie Clark, whose time suck avoidance list reads like a list of secret sins. There’s the “Reading Annoying Things” ban, she proposes after confessing  to having “a dozen newspaper and magazine subscriptions, the result of alluring specials ($10 for an entire year!) and the compulsion not to miss out on crucial information.”

For your amusement, here’s a time wasting video addressing the very point Clark makes.

Her list (blogged on the Harvard Business Review, no less) provides ammunition to ignore “Mindless Traditions” and to eschew doing “Work That’s Not Worth It.”

Sure, it’s hard to break old habits, which is what makes taking Clark’s suggestion a good workplace resolution.