Highlights from this month’s report include: Hedge funds outperform underlying markets in 2nd quarter by 0.78% but remain flat YTD (+0.33%) All strategies delivered negative returns for only the fourth time in the last ten years Net asset flows remained positive for the seventh consecutive month – US$2.6 billion Net asset flows for 1H 2011 stand at US$116.2 billion, the […]
The Financial Crimes Enforcement Network (FinCEN) today announced that it has developed an electronic filing system that will accept Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Money Services Businesses are now able to register with FinCEN using the Bank Secrecy Act (BSA) E-Filing System. FinCEN also released a final rule, Definitions and Other Regulations Relating […]
Footnoted has compiled some research on the SEC’s mid-year statistics on corporate disclosures, based on figures compiled by Morningstar Document Research. Some highlights include: Financial firms generate the greatest number of filings. Both this year and last, BlackRock made the most filings, with 2,368 and 2,313 in the first halves of 2011 and 2010, respectively. Barclays, FMR, Bank of America, and […]
Hedge funds were down 1.27%1 in June, ending the second quarter with negative returns of 1.06%. The month was marked by trend reversals in the markets and changes in investor risk appetite, which was the prevalent theme throughout the second quarter. However hedge funds outperformed the underlying markets, as the MSCI World Index declined by 1.88%2 during the month and […]
Video: Carrie McCabe, founder and chief executive officer of Lasair Capital LLC, talks about investment trends in the hedge-fund industry. She speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.”
The White House estimates that the following changes would raise $600 billion: End some tax credits for oil and gas companies Tax private equity or hedge fund managers income as earned rather than capital gains rates Limit itemized deductions for the nation’s highest earners Change the depreciation formula for corporate jets Repeal tax benefit for an inventory accounting practice used […]
In the first merger of a licensed hedge fund using the recently-enacted Companies (Amendment) Law 2011 of the Cayman Islands, a merger between BTG Pactual Banking Limited into BTG Pactual S.A., gives BTG Pactual S.A., a Brazil domicile, even though the banking operations are now conducted through a Cayman branch of the same company. “The ability of our client to […]
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; […]
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 […]
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 […]
Hedge Fund Alert: Qualified Client Standard Raised
A new order impacting all SEC registered investment advisers (and certain state registered investment advisers) that provide advisory services to hedge funds and/or separately managed accounts and receive performance-based compensation for such advisory services. Effective September 19, 2011, the assets under management threshold is being raised from $750,000 to $1 million and the net worth threshold is being raised from $1.5 million to $2 […]