February 16, 2017 | Permalink
Fund Name: AlphaCentric Prime Meridian Income Fund
Adviser: Alphacentric Advisors LLC
Sub-Adviser(s): Prime Meridian Capital Management LLC
Fees: 1.5% Management Fee
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 if made through an automatic investment program, $1,000 for subsequent investments not made through an automatic investment program.
Filing Date: Feb. 13, 2017
Effective Date: Pending
   
Fund Name: Day Hagan Hedged Strategy Fund
Adviser: Donald L. Hagan LLC
Sub-Adviser(s): Pacini Hatfield Investments LLC
Fees: 1.75% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment for regular and IRA accounts, $100 for automatic investment plan accounts; $50 minimum subsequent investment (Class T)
Filing Date: Feb. 1, 2017
Effective Date: Pending
   
Fund Name: Lazard Real Assets and Pricing Opportunities Fund
Adviser: Lazard Asset Management LLC
Sub-Adviser(s): None
Fees: 0.70% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $100,000 minimum initial investment for institutional shares, $2,500 for open shares; $1 million minimum initial investment for R6 shares
Filing Date: Dec. 14, 2016
Effective Date: Dec. 30, 2016
   
Fund Name: VanEck Coastland Online Consumer Finance Fund
Adviser: Van Eck Associates Corporation
Sub-Adviser(s): Coastland Capital LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $1 million minimum initial investment; minimum subsequent investment not specified.
Filing Date: Dec. 30, 2016
Effective Date: Pending
   
Fund Name: Eaton Vance High Income 2022 Target Term Trust
Adviser: Eaton Vance Management
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Dec. 20, 2016
Effective Date: Pending
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February 13, 2017 | Permalink
The CFTC will allow more time for swaps dealers to comply with collateral requirements scheduled to take effect March 1, aiming to ease concerns that global markets could face disruptions without a transition period. In a no-action letter, the CFTC said from March 1 through Sept. 1, it won't recommend enforcement action against dealers for failing to comply with the new rules. The action doesn't delay the effective date, but only allows market participants a grace period. Although thousands of companies have been working to modify legal agreements to comply with the rules, they're unlikely to finish by the March 1 deadline, according to groups including ISDA, GFMA and ABA.
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February 7, 2017 | Permalink
The SEC's Office of Compliance Inspections and Examinations published a risk alert outlining the five most frequent compliance topics identified in deficiency letters sent to registered investment advisers. The OCIE alert said advisers should review their compliance programs and practices with particular attention to the following highlighted topics:
  • Compliance policies and procedures;
  • Required regulatory filings;
  • The "Custody Rule";
  • Codes of ethics; and
  • Books and records.

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February 6, 2017 | Permalink
KKR's Prisma hedge fund allocation unit will merge with fund of hedge funds manager PAAMCO in a strategic deal that creates a $30-billion firm with a significant presence in the fund-of-funds and liquid alternative sectors. The combined business will be named PAAMCO Prisma and will operate independently, although KKR will retain a nearly 40% stake. Employees will own the remaining 60%. The deal is expected to close in Q2, but financial terms weren't disclosed.
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February 6, 2017 | Permalink
Acting SEC chairman Michael Piwowar requested the agency take another look at a Dodd-Frank requirement that companies disclose how top executives’ compensation compares with employees' pay. Piwowar opposed the requirement as an SEC commissioner and now says he may ask staff to review requirements for what information public companies must disclose. The requirements took effect during the fiscal year beginning on or after Jan. 1 this year and require companies to include the information in registration statements, proxy statements and annual reports, which the industry has said isn't information clients require to make investment decisions.
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February 2, 2017 | Permalink
Fund Name: Day Hagan Hedged Strategy Fund
Adviser: Donald L. Hagan LLC
Sub-Adviser(s): Pacini Hatfield Investments LLC
Fees: 1.75% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment for regular and IRA accounts, $100 for automatic investment plan accounts; $50 minimum subsequent investment (Class T)
Filing Date: Feb. 1, 2017
Effective Date: Pending
   
Fund Name: Lazard Real Assets and Pricing Opportunities Fund
Adviser: Lazard Asset Management LLC
Sub-Adviser(s): None
Fees: 0.70% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $100,000 minimum initial investment for institutional shares, $2,500 for open shares; $1 million minimum initial investment for R6 shares
Filing Date: Dec. 14, 2016
Effective Date: Dec. 30, 2016
   
Fund Name: VanEck Coastland Online Consumer Finance Fund
Adviser: Van Eck Associates Corporation
Sub-Adviser(s): Coastland Capital LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $1 million minimum initial investment; minimum subsequent investment not specified.
Filing Date: Dec. 30, 2016
Effective Date: Pending
   
Fund Name: Eaton Vance High Income 2022 Target Term Trust
Adviser: Eaton Vance Management
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Dec. 20, 2016
Effective Date: Pending
   
Fund Name: FS Diversified Income Fund
Adviser: FS Diversified Income Advisor LLC
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum 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); Minimum initial investment for Class I shares not specified, subsequent investments may be made in any amount.
Filing Date: Dec. 13, 2016
Effective Date: Pending
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February 2, 2017 | Permalink
Fund Name: Day Hagan Hedged Strategy Fund
Adviser: Donald L. Hagan LLC
Sub-Adviser(s): Pacini Hatfield Investments LLC
Fees: 1.75% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment for regular and IRA accounts, $100 for automatic investment plan accounts; $50 minimum subsequent investment (Class T)
Filing Date: Feb. 1, 2017
Effective Date: Pending
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January 30, 2017 | Permalink
Marc Wyatt, director of the SEC's Office of Compliance Inspections and Examinations, will leave the agency this month to return to the private sector. He joined the SEC in 2012 as a senior specialized examiner and co-founded the Private Fund Unit within OCIE. He was named deputy director in 2014 and served as acting director in April 2015 before being named director in November 2015. Separately, the SEC announced Wenchi Hu, an associate director in the Division of Trading and Markets, will leave the agency in February, as will COO Jeffery Heslop.
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January 25, 2017 | Permalink
Context Asset Management debuted the Context Strategic Global Equity Fund, the liquid alternative specialist firm's second alternative mutual fund. Sub-advised by Granite Peak Asset Management, the fund invests primarily in developed equity index futures with a risk mitigation overlay and a modest value tilt. Granite Peak is the portfolio manager and Context Advisers III is the fund's adviser. The fund trades under CGPGX.
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January 23, 2017 | Permalink
As was widely anticipated, Commissioner J. Christopher Giancarlo was named acting chairman of the CFTC. Giancarlo joined the CFTC as a commissioner in 2014 and succeeds Timothy Massad, who served as chairman since June 2014.
Related News:
Market dares to dream of margin reprieve from Giancarlo's softer CFTC - Global Capital (sub. req.)
CFTC appoints Amir Zaidi as head of market oversight - CFTC
Enforcement director Aitan Goelman to leave CFTC - CFTC
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