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Although it might not necessarily be top-of-mind for a start-up manager, if they are serious about building a proper business then establishing a culture of compliance from the get-go is important.
A new hedge fund manager that is not required to register with the SEC "doesn't necessarily need to have as detailed a compliance manual as an SEC-registered investment adviser," says Brian Roberts (pictured), Senior Compliance Analyst and Hedge Fund Practice Associate for ACA Compliance Group, a leading regulatory compliance and consulting firm.
However, unregistered fund managers still owe their clients a fiduciary duty and are subject to a number
US hedge fund managers face significant regulatory requirements, which this chapter cannot possibly cover in detail. But there are a few key areas of particular import, which shall be summarised below. In addition, this chapter will highlight some of the key considerations for implementing a compliance manual; a must-do task for any ambitious start-up manager who intends to incorporate best practices from the get-go and place themselves in the best possible light with prospective investors.
Dodd-Frank Act
Already six years in, US hedge fund managers are subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. If
Planning a hedge fund launch is a serious business. People need to decide whether they are truly ready, both financially and mentally, and be confident in their investment strategy. This may sound trite but all too often start-ups rush to get a hedge fund in place without clearly thinking everything through.
"It is a significant undertaking and should not be treated lightly. From a financial perspective the first thing to do is to create a budget broken down into three categories: budgeting for fund expenses, budgeting for manager expenses and finally budgeting for personal expenses," says Jeffrey I Rosenthal (pictured),
When embarking on any new business, it's important that one not only engages professionals with deep industry knowledge but also commercial knowledge to support the various stages of business growth. For anyone establishing a hedge fund, their needs are going to change as their business evolves from launch to maturity.
"If a manager launches with USD10 million, their tax situation maybe far different compared to some point in the future if the fund's assets have risen to USD200m. If a manager derives profit from their management fee, proper structuring of the management entity may reduce self-employment tax," explains Ron Geffner
The two key questions that will drive fund structuring decisions are: Where is the money coming from and what do you want to do with it?
This will determine whether the start-up manager launches a domestic Delaware LP structure, which might be the case if his investors will only be US taxable investors, or whether he chooses a more traditional offshore master feeder structure to accommodate US tax-exempt investors and non-US investors as well as US taxpayers.
"An offshore fund is typically organised as a corporation and functions as a blocker of taxable income to the foreign investor. Domestic investors,
The hitherto opaque alternative investment funds (AIFs) industry has been making significant strides towards transparency, driven largely by the demands of institutional investors and global regulators, who want to see AIFs deliver clarity and accuracy in their trading and investor reporting methods.
This is good news for an industry that is growing in size and scale globally and going retail with liquid alternatives. But how are AIFS set up in the first place? How do traders and prop desk alumni take the first the steps to setting up their own AIFs in the transparent and correct format required by investors
Kayon Partners has teamed with The LeoGroup LLC as sub-advisor to the private equity fund LeoGroup Private Investment Access, LLC. LeoGroup is expanding its offerings to ultra-affluent individuals through its multi-family office platform.
Kayon Partners, founded by Stephen Garrow, David Vogel and Timothy Mitrovich, has partnered with LeoGroup as sub-advisor to the LeoGroup Private Investment Access (PIA) bringing a broad range of investment management and managerial skills to LeoGroup.
The arrival of Kayon Partners coincides with LeoGroup’s expansion of its capabilities to service ultra-affluent individuals within LeoGroup’s Multi-Family Office (MFO) platform. Their focus will be on private investments, special venture
Miravast LLC, a Delaware based LLC, specialising in life contingent assets, has been launched by former senior members of the AIG life settlements team in 2012 with financial backing.
In 2016, Miravast earned sufficient capital to support its ongoing business needs and executed a buyout of external equity interests. Following the transaction, the firm's management team now owns 100 per cent of the firm's equity and voting rights.
"As we look at our accomplishments over the past four years and plot the future of the company, we felt our clients and employees would be best served by senior
Preliminary figures released by SL Capital in the Q1 2016 Private Equity Barometer, published by unquote”, show that overall the year to Q1 2016 witnessed a shift towards larger deals, with total deal value increasing by 28.2 per cent, while volume slipped by 15.9 per cent.
As a result, average deal value increased by 52.4 per cent
The number of European private-equity-backed deals declined by 11.7 per cent in the first quarter of 2016, from the 394 transactions seen in the previous three months to 348 transactions. Combined deal value also declined, slipping by 54.2 per cent.
The aggregate
Beacon Rail Leasing (Beacon), a leading Pan-European rolling stock leasing company, is to acquire Ascendos Rail Leasing (Ascendos), a European locomotive and rolling stock leasing company.
The completion of the transaction is subject to customary conditions, including clearance with the German competition authorities. The transaction is expected to be completed during the second quarter of 2016.
Headquartered in Luxembourg, with additional offices in London and Munich, Ascendos’ current portfolio includes 35 locomotives and 100 freight wagons on lease in Belgium, the Netherlands and Germany, 35 passenger train units on lease in Germany, and 67 double decker coaches on lease
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