New York (HedgeCo.Net) – The SEC reported that 1,504 advisers to hedge funds and other private funds have registered with the agency since the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated such registration.
While some private fund advisers previously registered with the SEC voluntarily, mandatory registration has given the SEC its first comprehensive look at advisers to these types of funds. Including the 2,557 private fund advisers who had registered previously, a total of 4,061 advisers to one or more private funds are now registered with the SEC.
“Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn’t know how big the pie even was,” said SEC Chairman Mary L. Schapiro. “The law enables regulators to better protect investors by providing a more comprehensive view of who’s out there and what they’re doing.”
A total of 11,002 investment advisers now are SEC-registered, with 37% advising hedge funds and other private funds. Assets under management at SEC-registered advisers has risen about $5.7 trillion, or 13%, even though the number of advisers fell about 15% as the Dodd-Frank Act required mid-sized advisers to move from federal to state oversight.
To date, more than 2,300 mid-sized advisers – those managing less than $100 million of assets – have made the transition to state regulation.
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