July 14, 2016 | Permalink
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Custody Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TI) Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors; Qualified clients; $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: RiverPark Commercial Real Estate Fund
Adviser: RiverPark Advisors LLC
Sub-Adviser(s): Talimco LLC
Fees: 0.65% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $100,000 minimum initial investment
Filing Date: July 11, 2016
Effective Date: Pending
   
Fund Name: RiverNorth/DoubleLine Strategic Opportunity Fund
Adviser: RiverNorth Capital Management LLC
Sub-Adviser(s): DoubleLine Capital LP
Fees: Not specified
Open- or Closed-End: Closed-End (To be NYSE listed)
Investor Restrictions: Not specified
Filing Date: July 1, 2016
Effective Date: Pending
   
Fund Name: CION Ares Diversified Credit Fund
Adviser: CION Ares Management LLC
Sub-Adviser(s): Unspecified entity affiliated with Ares Management LLC
Fees: 1.5% Management Fee; and Non-specified percentage of quarterly pre-incentive fee net investment income.
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment (regular accounts); $1,000 minimum initial investment (retirement plan accounts)
Filing Date: June 30, 2016
Effective Date: Pending
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July 12, 2016 | Permalink
The SEC appointed three new members to its Investor Advisory Committee and reappointed five members whose terms recently expired. The new members are:
  • John Coates, professor of law and economics at Harvard Law School and research director of the Center on the Legal Profession;
  • Nancy LeaMond, EVP, chief advocacy and engagement officer, community, state and national affairs at AARP; and
  • Elisse Walter, former SEC chairman.
Reappointed to the committee are:
  • Stephen Holmes, general partner emeritus at InterWest Partners;
  • Barbara Roper, director of investor protection at Consumer Federation of America;
  • Kurt Schacht, managing director at CFA Institute;
  • Anne Sheehan, director of corporate governance at CalSTRS; and
  • Damon Silvers, director of policy and special counsel at AFL-CIO.
The committee was created under Dodd-Frank to advise the SEC on regulatory priorities, regulation of securities products, trading strategies, fee structures, disclosure effectiveness and initiatives to protect investors and promote investor confidence and the integrity of the U.S. securities markets.
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July 8, 2016 | Permalink
Franklin Templeton reported the highest outflows of any asset manager in Europe in 2016 with investors pulling over $13 billion from its funds since January. This added pressure to a company already being forced to cut staff to save costs. The fund house was the worst afflicted asset manager in Europe in May, when it registered $3.3 billion of outflows. Franklin Templeton was hurt by reduced investor interest in emerging market exposure over the past 12 months, although its clients pulled money from a wide range of its funds, according to Morningstar, the research firm. 
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July 7, 2016 | Permalink
Legg Mason acquired a majority stake in Financial Guard, an online wealth management and investment advice platform. The firm will operate as part of Legg Mason's alternative distribution strategies business, which focuses on combining technology with Legg Mason's investment affiliates' capabilities. The investment is part of Legg Mason's overall long-term strategy focused on creating choice for investors across investment capability, product and vehicle, and distribution. The transaction is expected to expand Financial Guard's access to financial institutions serving the needs of investors. Financial terms of the transaction were not disclosed.
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July 6, 2016 | Permalink
According to a survey conducted by Preqin after Britain voted to leave the EU, 7% of alternative asset managers are thinking about moving their operations outside of the U.K. and another 17% are unsure whether to change where they are based. London has long been the base of choice in Europe for most private equity firms and hedge funds. But if the U.K. leaves the EU without striking a deal to participate in the single market, asset managers could find it much more difficult to sell funds to investors on the continent. Preqin also found that nearly one-fifth of fund managers planned to reduce their investments in the U.K. over the next 12 months as a result of the referendum. Investors in the alternative industry have taken an even more pessimistic view, with 41% saying they will invest less in the U.K. over the next 12 months, compared with just 9% who plan to invest more.
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June 30, 2016 | Permalink
Fund Name: NuShares Enhanced Yield U.S. Aggregate Bond ETF
Adviser: Nuveen Fund Advisors LLC
Sub-Adviser(s): Teachers Advisors Inc.
Fees: Not specified
Open- or Closed-End: Open-End (Exchange traded)
Investor Restrictions: None specified
Filing Date: June 15, 2016
Effective Date: Pending
   
Fund Name: Griffin Institutional Access Global Credit Fund
Adviser: Not specified (The Adviser is an indirect majority-owned subsidiary of Griffin Capital Corporation)
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment for regular accounts, $1,000 for retirement plan accounts; $100 minimum subsequent investment for regular accounts, $50 for retirement plan accounts (Class A and C)
Filing Date: June 3, 2016
Effective Date: Pending
   
Fund Name: Oppenheimer Macquarie Global Infrastructure Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (sub-adviser), Macquarie Capital Investment Management LLC (sub-sub-adviser)
Fees: 0.9% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment (Class A, C, R and Y); $500 minimum initial investment for Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts; No minimum initial investment for wrap fee-based programs, salary reduction plans and other retirement plans and accounts.
Filing Date: Feb. 5, 2016
Effective Date: May 23, 2016
   
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
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June 28, 2016 | Permalink
The SEC announced that C. Dabney O'Riordan was named as co-chief of the Division of Enforcement's Asset Management Unit, joining Anthony Kelly as co-chief of the unit that was previously led by Marshall Sprung. O'Riordan has investigated or supervised several enforcement cases across the asset management industry, including cases involving advisers who misallocated private fund expenses and actions against advisers for misallocating trades to the detriment of clients or stealing client assets. She has also supervised investigations involving charges against gatekeepers. O'Riordan is currently associate regional director in the agency's Los Angeles office, where she has worked since 2005.
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June 28, 2016 | Permalink
The SEC proposed a rule that would require registered investment advisers to adopt and implement written business continuity and transition plans, in order to ensure advisers have plans to address operational and other risks related to a significant disruption in operations and minimize potential client and investor harm. The proposed rule would require a plan be formulated to address the particular risks associated with the adviser's operations and include policies and procedures relating to: maintenance of systems and protection of data; pre-arranged alternative physical locations; communication plans; review of third-party service providers; and plan of transition in the event the adviser is winding down or unable to continue providing advisory services. It would also require advisers to review the adequacy and effectiveness of their plans at least annually and to retain certain related records.
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June 27, 2016 | Permalink
BlackRock's iShares unit plans to close 10 of its ETFs. Two iShares emerging markets ETFs, the iShares MSCI Emerging Markets Latin America and the iShares MSCI Emerging Markets Horizon ETF, will be shuttered. The firm will close several fixed income ETFs, including the iShares B – Ca Rated Corporate Bond ETF, iShares Baa – Ba Rated Corporate Bond Fund, iShares International Inflation-Linked Bond Fund, and the iShares Global Inflation-Linked Bond Fund. Finally, the iShares Enhanced International Small-Cap ETF, iShares Enhanced International Large-Cap ETF, iShares Enhanced U.S. Small-Cap ETF, and the iShares Enhanced U.S. Large-Cap ETF will also be closed.
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June 23, 2016 | Permalink
KKR, Carlyle and Partners Group have quietly moved down market with products targeted at individual investors. The firms are among those in the industry that have started rolling out registered funds to give accredited individual investors exposure to an asset class that is considered one of the best sources of growth for pension funds. The so-called interval funds are unique for PE because they offer periodic liquidity in an asset class that is historically known for lock-up periods of between five and seven years.
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