Are managers really becoming more transparent?

Transparency:  A lot has been said about managers being more transparent than they were in 2007.  Managers that had relatively decent performance in 2008 (and did not gate or suspend) may not be as transparent as others who did not perform well, or who limited investor withdrawals.  Wth that being said, I do think managers' mindsets have changed toward transparency - to the positive.

Are there managers out there still vague in response to investors' inquiries and managing an opaque culture??  I think so.  For example, I am still running into managers that do not disclose some of their triggers in their ISDAs or counterparty matrix, even after the all-too-familiar Lehman debacle.

Thoughts, anyone?

Regards,

Eric Lazear, Head of Operational Due Diligence, FQS CAPITAL PARTNERS (U.S.) L.P.