There's a shortage of legitimate hedge fund directors these days. Logical candidates would come from financial services firms, which brings into play many potential conflicts of interest. Of course, given the market right now, the job is a lot tougher than it used to be. Many shun hedge fund director jobs like they carry the plague of Sarbanes-Oxley. Unsurprisingly, Alpha notes that director's fees have soared as supply has flagged. Some make up to $25,000 a year. That's up from about $5,000 a few years ago. Interestingly, there are a few director-for-hire offshore outsourcers out there. One Cayman Islands firm has about 30 staff members who perform board-like duties for funds, Alpha notes. There are probably a few Moms and Pops who sit on boards as well.  

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