May 19, 2016 | Permalink
Kramer Levin's Alternative Investment Management Practice will host the Fourth Annual Public Alternative Funds Seminar on Tuesday, May 24, 2016 in New York. The theme of this year's event is "What Are the Distribution Opportunities for Private Fund Managers?" Join us to learn more about:
  • Wirehouse Platforms;
  • RIA Channels;
  • Insurance and Pension Programs; and
  • Subadvising Opportunities.
Click here to learn more and to register.
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May 16, 2016 | Permalink
BlackRock Advisors closed the reorganization of BlackRock Municipal Bond Investment Trust (BIE) with and into BlackRock Municipal Income Investment Trust (BBF). Under the reorganization, BIE common shareholders received an amount of BBF common stock equal to the total net asset value of their holdings of BIE common stock. Fractional shares of BBF common stock weren't issued and, as a result, cash will be distributed for any such fractional amounts.
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May 13, 2016 | Permalink
The SEC announced a whistleblower award of more than $3.5 million to an employee whose tip bolstered an ongoing investigation with additional evidence of wrongdoing. Andrew Ceresney, director of the SEC's Division of Enforcement, emphasized that whistleblowers are eligible for rewards not only when their tip launches an investigation, but also when they provide information that advances an existing inquiry. The SEC's whistleblower program has now awarded more than $62 million to 28 whistleblowers since its inception in 2011.
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May 13, 2016 | Permalink
Virtus Investment Partners recently liquidated three of its alternative mutual funds: the Virtus Alternative Total Solution Fund; the Virtus Alternative Inflation Solution Fund; and the Virtus Alternative Income Solution Fund. Virtus launched the funds in partnership with Cliffwater in 2014.
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May 6, 2016 | Permalink
The CFTC approved a final rule amending a requirement under Regulation 23.500(i) that swap dealers and major swap participants exchange the terms of swaps with their counterparties for portfolio reconciliation so that SDs and MSPs only need to exchange the "material terms" of swaps. The final rule also amends the definition of "material terms" in Regulation 23.500(g). The final rule will enable SDs, MSPs and their counterparties to focus on reconciling data fields that affect swap valuation and counterparty obligations, while maintaining the CFTC's ability to perform its oversight and regulatory role.
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May 5, 2016 | Permalink
Fund Name: NexPoint Merger Arbitrage Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: April 19, 2016
Effective Date: Pending
   
Fund Name: NexPoint Latin American Opportunities Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: NexPoint Distressed Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: First Trust Strategic Mortgage REIT ETF
Adviser: First Trust Advisors LP
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: March 14, 2016
Effective Date: Pending
   
Fund Name: First Trust Long/Short Currency Strategy ETF
Adviser: First Trust Advisors LP
Sub-Adviser(s): First Trust Global Portfolios Ltd.
Fees: Not specified
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: March 14, 2016
Effective Date: Pending
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May 5, 2016 | Permalink
Fund Name: NexPoint Merger Arbitrage Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: April 19, 2016
Effective Date: Pending
   
Fund Name: NexPoint Latin American Opportunities Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: NexPoint Distressed Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee (on daily gross assets)
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500 minimum initial investment for regular accounts, $50 for retirement accounts, $50 minimum subsequent investment (Class A and C); $100,000 minimum initial investment (Class Z)
Filing Date: March 24, 2016
Effective Date: Pending
   
Fund Name: First Trust Strategic Mortgage REIT ETF
Adviser: First Trust Advisors LP
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: March 14, 2016
Effective Date: Pending
   
Fund Name: First Trust Long/Short Currency Strategy ETF
Adviser: First Trust Advisors LP
Sub-Adviser(s): First Trust Global Portfolios Ltd.
Fees: Not specified
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: Not specified
Filing Date: March 14, 2016
Effective Date: Pending
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April 29, 2016 | Permalink
U.S. funds recommended a reduction in equity allocations in April to their lowest level since the financial crisis, and a boost to alternative investments to the highest, according to a Reuters poll of fund managers. Derivatives, commodities and other non-traditional investments are increasingly popular with asset managers this year, as market instability caused many to look beyond stocks and bonds for positive returns. Fund managers increased their alternative investments for a third month in a row, which reached 6.8% from 6.2% the previous month.
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April 27, 2016 | Permalink
The SEC is seeking public comment on a proposed national market system (NMS) plan to create a single, comprehensive database enabling regulators to efficiently track all trading activity in the U.S. equity and options market. The plan for the consolidated audit trail (CAT) database was submitted jointly by the self-regulatory organizations (SROs), as required by Rule 613 of Regulation NMS. The proposal details the methods by which SROs and broker-dealers would record and report information, including the identity of the customer, resulting in a range of data elements that together provide the complete lifecycle of all orders and transactions in the U.S. equity and options markets. The proposed NMS plan also details how the data in the CAT would be maintained to ensure its accuracy, integrity and security.
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April 26, 2016 | Permalink
FDIC chairman Martin Gruenberg released a proposal for establishing a net stable funding ratio (NSFR), part of the effort to strengthen banks' liquidity in the event of market instability. FDIC says the proposal is consistent with the Basel standard set in 2015, although it differs by providing a narrower definition of a "high-quality liquid asset" and a way to address "trapped liquidity." Bank holding companies and depository institutions with $250 billion or more in total consolidated assets or $10 billion or more in foreign exposure will be subject to the NSFR. The Federal Reserve Board will release a less-stringent version for holding companies with at least $50 billion, FDIC said.
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