April 13, 2017 | Permalink
Fund Name: XAI Octagon Floating Rate Income & Credit Alternative Trust
Adviser: XA Investments LLC
Sub-Adviser(s): Octagon Credit Investors LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: April 7, 2017
Effective Date: Pending
   
Fund Name: USQ Core Real Estate Fund
Adviser: Union Square Capital Partners LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment, $100 minimum subsequent investment (Class IS); $25,000 minimum initial investment, $100 minimum subsequent investment (Class I)
Filing Date: April 6, 2017
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund V (TE)
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: The Fund, through its investment in the Master Fund, will indirectly bear the management fees and carried interest allocations (or equivalent) of the Portfolio Funds; the expenses of the Portfolio Funds, including without limitation, investment-related expenses, non-investment related interest expense, administrative expenses and fees and disbursements of attorneys and accountants engaged on behalf of the Portfolio Fund and other ordinary and extraordinary expenses.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors and qualified clients; $50,000 minimum investment
Filing Date: March 31, 2017
Effective Date: Pending
   
Fund Name: FS Global Credit Opportunities Fund-T2
Adviser: FS Global Advisor LLC
Sub-Adviser(s): GSO Capital Partners LP
Fees: Management Fee calculated and payable quarterly in arrears at the annual rate of 2% of the Fund's average daily gross assets during such period.
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $5,000 minimum initial investment, $500 minimum subsequent investment; Investors are required to have either: (i) a net worth - not including home, furnishings and personal automobiles - of at least $70,000 and an annual gross income of at least $70,000; or (ii) a net worth - not including home, furnishings and personal automobiles - of at least $250,000.
Filing Date: March 28, 2017
Effective Date: Pending
   
Fund Name: AllianzGI Convertible & Income 2024 Target Term Fund
Adviser: Allianz Global Investors U.S. LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: March 24, 2017
Effective Date: Pending
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April 11, 2017 | Permalink
American Century Investments added to its liquid alternative investment line-up with the AC Alternatives Disciplined Long Short Fund. The firm says the fund is designed to help clients mitigate risk in their portfolios, while also providing diversification and "the potential for more consistent returns over a full market cycle." The fund, previously launched in 2011 as Disciplined Growth Plus, is the sixth in the AC Alternatives portfolio. It has been restructured as a long-short equity product and will offer a variable net exposure to equities ranging from 30% to 70%, according to the firm.
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April 10, 2017 | Permalink
According to an Accenture poll, 89% of compliance executives with global financial services firms expect their companies to foot a much steeper bill to address compliance issues within the next couple of years. Specifically, 48% of the compliance executives surveyed who anticipate a spending hike say the costs could increase by about 10% to 20%, while 18% say the expenses could mount by more than 20%, all within the next two years. Risks associated with fraud and financial crime, cyberattacks and everyday business were cited as the most challenging and most expensive issues compliance must tackle.
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April 7, 2017 | Permalink
Peter Driscoll, acting director of the SEC's Office of Compliance Inspections and Examinations, said the agency is exploring ways to strengthen compliance at independent advisers. Speaking at a conference in Washington, D.C., Driscoll said financial advisers on the staff of an advisory firm are more likely to comply with securities regulations than their independent counterparts and he's looking for ways to "get more leverage on independent representatives," which could include issuing a risk alert on the topic. He further distinguished between W-2 advisers on staff at a firm and independent advisers who remain affiliated with the firm but operate on their own. Specific problem areas for the SEC include books and records and custody of client funds, he said, adding his concerns involve both independent investment advisers as well as independent broker-dealers.
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April 6, 2017 | Permalink
A report by alternative investment manager Beachhead Capital Management urges the next generation of liquid alternative funds to focus on asset allocators' needs when devising their portfolios. The report explores why many investors were looking for more from the first generation of liquid alternative mutual funds - created after the financial crisis - as well as what possible improvements might be made going forward. It suggests future liquid alternative products should focus on the fact asset allocators require products to match or outperform long-term capital markets assumptions for hedge funds, as well as deliver consistent relative performance and keep fees low and expenses low.
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April 5, 2017 | Permalink
The Department of Labor issued a final rule on Apr. 4 postponing the applicable date for its fiduciary rule from Apr. 10 to June 9. The 60-day delay was preferable to "simply granting a flat delay of fiduciary status and all associated obligations for a protracted period," the DOL said. The DOL is accepting public comment through Apr. 17 on the examination and more general questions concerning the fiduciary rule.
Related News:
Independent broker dealers moving toward fiduciary rule, despite DOL delay - Wealth Management
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March 30, 2017 | Permalink
Acting CFTC chairman J. Christopher Giancarlo announced the appointment of James McDonald as director of the agency's Enforcement Division. He was most recently a prosecutor in the Southern District of New York and brings a track record of pursuing white collar and other crimes. McDonald assumed the role at the agency on April 10.
Related News:
CFTC’s Market Risk Advisory Committee announces agenda for April 25 public meeting - CFTC
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March 30, 2017 | Permalink
Fund Name: FS Global Credit Opportunities Fund-T2
Adviser: FS Global Advisor LLC
Sub-Adviser(s): GSO Capital Partners LP
Fees: Management Fee calculated and payable quarterly in arrears at the annual rate of 2% of the Fund's average daily gross assets during such period.
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $5,000 minimum initial investment, $500 minimum subsequent investment; Investors are required to have either: (i) a net worth - not including home, furnishings and personal automobiles - of at least $70,000 and an annual gross income of at least $70,000; or (ii) a net worth - not including home, furnishings and personal automobiles - of at least $250,000.
Filing Date: March 28, 2017
Effective Date: Pending
   
Fund Name: AllianzGI Convertible & Income 2024 Target Term Fund
Adviser: Allianz Global Investors U.S. LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: March 24, 2017
Effective Date: Pending
   
Fund Name: Eaton Vance Floating-Rate 2024 Target Term Trust
Adviser: Eaton Vance Management
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: March 17, 2017
Effective Date: Pending
   
Fund Name: American Beacon Institutional Funds Trust
Adviser: American Beacon Advisors Inc.
Sub-Adviser(s): Aristotle Capital Management LLC; Barrow, Hanley, Mewhinney & Strauss LLC; Brandywine Global Investment Management LLC; Hotchkis & Wiley Capital Management LLC; Lazard Asset Management LLC; and Templeton Investment Counsel LLC.
Fees: Aggregate annualized management fee equal to 0.31% of the Fund's average daily net assets.
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: Accredited investor and qualified purchaser; $100,000 minimum initial investment
Filing Date: March 17, 2017
Effective Date: Pending
   
Fund Name: Morningstar Funds Trust
Adviser: Morningstar Investment Management LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: No initial or subsequent minimum purchase amounts.
Filing Date: March 6, 2017
Effective Date: Pending
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March 28, 2017 | Permalink
BlackRock is planning to overhaul its actively managed equity funds to create an increased focus on machines and algorithms, as investors continue to shift towards lower cost passive funds. The firm plans to terminate seven portfolio managers from funds with approximately $30 billion in AUM as it moves towards a more quantitative approach. In addition, BlackRock's active equity products will be reorganized into four product lines: core alpha, high conviction alpha, outcome oriented and country/sector specialty. The firm will incur approximately $25 million of expenses in Q1 of 2017 as a result of severance and accelerated compensation expenses from the reorganization.
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March 28, 2017 | Permalink
For the second time in a month, the SEC rejected a request from Intercontinental Exchange's NYSE Arca exchange to bring a first-of-its-kind ETP tracking bitcoin to market. The SEC again denied the ability to list and trade the SolidX Bitcoin Trust, which would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron and Tyler Winklevoss. It echoed those same concerns in this most recent announcement, saying it believes "the significant markets for bitcoin are unregulated."
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