Third party hedge fund administration (tax administration, fund accounting, and other back-office activities) is already a well-established business, according to a recent PricewaterhouseCoopers report third-party HFA already covers 80% of all hedge fund AUM, leaving little room for organic growth. Now that rich valuations are slowing M&A activity in the HFA space, finding ways to keep growing will only become more difficult, but PwC has a few recommendations on where the HFA can look for new opportunities. New regulations, cost pressure creates opportunities Even though external HFA is a mature business, cost pressure on hedge funds continues to grow and…