According to the California Alternative Investments Association (CalALTs)'s new white paper on best practices for hedge fund and private equity operations, today's investor wish list includes the existence of an independent administrator, an internal CFO, segregation of duties, employee background checks, centralised operations, documented policies and procedures, a fiscal budget, an internal CCO, an external regulatory consultant, a clean regulatory history, formal compliance training, a tested disaster recovery plan, a cyber security plan, and related staff training. Quite a list.