Hedge funds do not just use the services of a fund manager or general partner. There are a number of other financial service providers that will assist the hedge fund in its operational activities. These service providers include prime brokers. Prime brokerage, also referred to as Prime Services, is a bundled group of services that investment banks and other financial institutions offer to hedge funds. These services allow hedge funds to carry out the activities that hedge funds require in addition to those required by mutual funds. This includes the ability to borrow securities to open short positions, or to borrow cash in order to increase leverage within the fund. Prime brokers may also offer additional services to hedge funds such as consultancy and risk management. Hedge funds will typically use many prime brokers to carry out these services to avoid concentration risk. The custodian, custodians are financial institutions that hold the securities of a fund to ensure their safekeeping to minimize the risk of their theft or loss of investors money by the investment manager or gp.

When a GP purchases securities on behalf of the fund, the custodian will send the funds required to settle the transaction and ensure the securities purchased are held for the beneficial ownership of the fund. Administrator, hedge fund administration involves all of the record keeping for the fund, including maintaining registers of investors in the fund, calculating the value of the fund for LP reports, processing investments, and redemptions for the fund and financial reporting investment manager. A hedge fund manager, also referred to as the general partner or gp, is a financial company or individual that employs professional portfolio managers and analysts in order to make investment decisions on behalf of the fund. Hedge fund managers typically specialize in a particular investment strategy that they then use as their funds portfolio mandate auditor. The main job of the auditor is to audit the financial statements of the hedge fund during the audit period. The auditor will work with the hedge fund manager to review the hedge fund's valuation methodology as well as the implementation of that methodology to provide investors with the reassurance to be able to rely on the financial information contained within the financial statements.