The SEC last week released a proposal that would strengthen the financial audit standards for broker-dealers under Exchange Act Rule 17a-5, hedge fund regulatory expert FrontLine Compliance reported yesterday. The goal is to increase the audit standards for those brokers that have custody of client funds and securities, similar to the enhanced custodial audit provisions for registered investment advisers that became effective […]
Hedge funds down 1.24% in May – outperformed underlying markets across all regions Net asset flows remained positive for the sixth consecutive month – US$8.1 billion May YTD asset flows stand at US$113.8 billion – the strongest first five months on record Distressed debt hedge funds witness nine months of back to back positive returns, gaining 21.13% over this time […]
On Wednesday, June 22nd, the SEC is holding an Open Meeting to discuss the proposed registration rule for private fund advisers, the proposed exemptions to registration for certain private fund advisers, and the proposed exclusion for family offices. Many private fund advisers have been expecting a delay in the compliance date for SEC registration. However, one key point cannot be […]
This morning the U.S. Supreme Court has delivered its ruling in the securities fraud case Janus Capital Group v. First Derivatives Traders. The case is another in which investors tested boundaries between primary and secondary players who might be liable for damages in such fraud cases. The Court, reversing a Fourth Circuit decision, held that Janus Capital Management, investment adviser […]
Thompson Hine is hosting it’s annual hedge fund event on Tuesday, September 20, 2011, at 8:00 a.m. – 11:00 a.m. at the Harvard Club of New York City. Featured Speaker: Steve Shafer, Chief Investment Officer and Portfolio Manager at Covenant Financial Services.
Hedge funds fell in May, yet still outperformed the major market indexes. The global hedge fund indices tracked by HedgeFund Intelligence were all negative, except for event-driven funds, which eked out a 0.03% gain. The Managed Futures Index fell 3.61%, suffering its second-worst month in the history of the index, which began tracking performance in 1998 (the worst month was […]
The Private Equity Growth Capital Council (PEGCC) today filed an extensive (18 page) commentary on the proposed rule calling on the Securities and Exchange Commission (SEC) to modify the proposed rules as they apply to private equity and growth capital funds. The PEGCC has requested that the SEC consider the following in drafting its final rule: Private equity structures, contrary to encouraging excessive […]
The City of New York has proclaimed May 26, 2011 to be “Dow Jones Industrial Average Day” in recognition of the iconic index’s 115th anniversary. Founded on May 26, 1896 in New York City by Charles Dow, one of the founders of The Wall Street Journal, the Dow Jones Industrial Average has evolved from 12 stocks published for readers of […]
The UCITS HFS Index loses -0.14% in the third week of trading in April and is down -0.23% month to date (by business day 15, May 20th, 2011). Out of the eleven sub-strategies only four reported positive numbers, the biggest winners being Global Macro (+0.18%), Credit (+0.15%) and Fixed Income (+0.11%). These modest gains were not enough to counterbalance the […]
Hedge Fund Compliance: SEC Adopts Rules Under Title IV Of Dodd-Frank
The SEC voted to adopt the proposed registration rules for private fund advisers with the following provisions and compliance dates (in summary): Private fund advisers with U.S. assets under management of at least $150 million will be required to file with the SEC as registered investment advisers under the Investment Advisers Act of 1940 (“Advisers Act”) by March 30, 2012; […]