Hedge funds may do a good job of shorting stocks and investing in futures, but when it comes to their own legacies, few have management succession plans or future growth strategies. This is according to a report from accounting and consulting firm Rothstein Kass, Reuters reports. In fact, 70% are ill prepared for the times ahead.

“Regardless of firm size, most participants have not taken all of the necessary steps to ensure a smooth transition in the event of a change in the senior management team,” said Rick Flynn and Alan Kufield, principals at Rothstein Kass.

“This lack of preparedness poses a threat to both the role and personal wealth of the principal and will almost certainly affect the other owners of the management company as well as investors in the firm’s funds,” said Flynn and Kufeld.

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