More than half of hedge fund managers still believe the financial crisis has had little impact on the need for due diligence in their sector, according to new research, despite investors pulling billions from funds during the worst of the market turmoil and their continued calls for greater transparency.

Some 49% of hedge fund managers responding to a survey published by consultants KPMG said the market crisis and recent financial scandals, including the case of convicted New York fraudster Bernard Madoff, had had little impact on their operational due diligence process. A further 9% said these issues had had no impact at all.