Tullett Prebon, a leading interdealer broker, announced on September 14, 2009 that it had launched “the first enhanced security transaction settlement and escrow service for the secondary hedge fund market.”  The initiative was launched by Tullett Prebon’s Alternative Investments desk in response to a perceived market need for a more secure, streamlined transaction settlement process for institutional investors.  Tullett Prebon will jointly offer the service through an exclusive agreement with KAS BANK, who will act as an independent administrator for Tullett Prebon’s institutional client transactions.  The Hedge Fund Law Report recently spoke with Neil Campbell, Tullett Prebon’s Head of Alternative Investments in London, about the mechanics of the new initiative, and the dynamics and challenges of the hedge fund secondary market.  The full transcript of that interview is available in this issue of the Hedge Fund Law Report.