These issues are generally applicable across the investment management industry as Excel is so widely used.

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Merlin was speaking specifically to its own hedge fund management clientele, but some of the observations it made are quite generally applicable.

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There are other conditions and formalities that have to be observed, but these are generally similar to those applicable to other duty relief regimes and should present no problem to most importers.

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Our conclusion is that the recommendations of these consultants to invest in hedge funds, funds of funds and funds of funds of funds result in a complete abandonment of generally accepted sound fiduciary standards applicable to pension portfolios.

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Unfortunately under the applicable federal pension law (ERISA), participants generally have no express legal right to participate in the administrative and investment decisions related to the plan itself. (Of course, collective bargaining agreements may provide participants some role in such matters.) The structure of the plan, the investment menu offered, and any matching contributions are all pretty much left to the employer.

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Under the applicable statute of limitations for securities fraud, the government generally must bring charges within five years of the trade in question.

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They generally receive no compensation for their board duties and there are no educational or training requirements applicable to board membership.

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