On the problem of the fund management fee, there is seriously benefits conflict between the fund administrator and fund holder.

在基金管理费的问题上，基金管理人与基金持有人之间存在严重的利益冲突。

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Forbes recently ran a story about investors caught up in a hedge fund fraud who claim they were burned by Citco, the world's largest hedge fund administrator.

近日《福布斯》(Forbes)的一篇报道谈到，身陷一起对冲基金骗局的投资者们声称被全球最大的对冲基金行政管理人Citco所伤。

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Mr Madoff acted as custodian of assets that were placed with him and had no external administrator because he ran a brokerage, rather than a formal hedge fund, several investors say.

一些投资者表示，马多夫在担任受托资产保管人的情况下并没有任命外部管理人，因为他所经营的是一家经纪商，而非一只正式的对冲基金。

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Many reserve the right to set the value on positions regardless of what the fund administrator says.

FORBES: Major Hedge Fund Will Run Two Sets Of Books

If a mismatch shows up in the results, the fund administrator and the shadow should be able to find and correct the discrepancy.

FORBES: Major Hedge Fund Will Run Two Sets Of Books

He's written about his earlier experiences as a victims fund administrator in a book called "Who Gets What, " and nice to have you back on TALK OF THE NATION.

NPR: Managing The $30 Million 'One Fund' To Aid Boston Victims