February 11, 2016 | Permalink
Fund Name: NorthStar Real Estate Capital Income Master Fund
Adviser: NSAM B-RECF Ltd.
Sub-Adviser(s): NSAM US-RECF LLC
Fees: 2% management fee on gross assets; 20% of pre-incentive fee net investment income that exceeds 8.75% per year measured quarterly, once return on adjusted capital exceeds 7% per year, with a catch-up provision
Open- or Closed-End: Closed-End (Quarterly repurchase; Master fund)
Investor Restrictions: Accredited investors
Filing Date: Feb. 4, 2016
Effective Date: Pending
   
Fund Name: NorthStar Real Estate Capital Income Fund-T
Adviser: NSAM B-RECF Ltd.
Sub-Adviser(s): NSAM US-RECF LLC
Fees: 2% management fee on gross assets (at the Master Fund level); 20% of pre-incentive fee net investment income that exceeds 8.75% per year measured quarterly, once return on adjusted capital exceeds 7% per year, with a catch-up provision (at the Master Fund level)
Open- or Closed-End: Closed-End (Quarterly repurchase; Feeder fund)
Investor Restrictions: $4,000 minimum initial investment; $500 minimum subsequent investment
Filing Date: Feb. 4, 2016
Effective Date: Pending
   
Fund Name: NexPoint Real Estate Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment (Class A and C); $100,000 minimum initial investment (Class Z); $50 minimum initial investment (retirement accounts); $50 minimum subsequent investments
Filing Date: Jan. 19, 2016
Effective Date: Pending
   
Fund Name: Direct Lending Income Fund
Adviser: Direct Lending Income Fund Advisors LLC
Sub-Adviser(s): None
Fees: 1% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $25,000 minimum initial investment; $5,000 minimum subsequent investment
Filing Date: Dec. 31, 2015
Effective Date: Pending
   
Fund Name: Stone Ridge Trust V
Adviser: Stone Ridge Asset Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $15 million minimum initial investment for institutional investors and their clients; No minimum for other client groups
Filing Date: Dec. 11, 2015
Effective Date: Pending
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February 9, 2016 | Permalink
President Barack Obama's fiscal 2017 budget proposal includes a goal of doubling the SEC's funding over the next five years with the objective of protecting investors through the stronger regulation of investment advisers. The proposal earmarks an 11% increase to the SEC's budget, which would reach $1.8 billion. The SEC is looking to increase its scrutiny of the approximately 11,500 registered investment advisers and this budget increase would allow it to add 100 employees to its adviser-exam staff. The president's final budget proposal also includes a 32% increase to the CFTC's budget, which would rise to $330 million.
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February 8, 2016 | Permalink
Experts say proposed SEC regulations that would require mutual funds to have a minimum cash cushion and liquidity risk management programs in place could have a broad impact on retirement plans. A reduction in mutual funds' illiquid holdings stemming from the proposed rule could lead to lower overall returns for those funds, which could lead some DC plans to drop mutual funds as investment options and replace them with separate accounts or commingled funds. The proposal could also lead to a drop in the overall value of illiquid securities, affecting DB plan investments. The SEC proposal would require mutual funds to be allowed to charge fees to investors who pull their money on days of elevated withdrawals, set up a portfolio-tailored liquidity risk management program for open-end funds and permit funds in some instances to use "swing pricing," among others. The SEC also proposed to strengthen and clarify an existing guideline that no more than 15% of a fund's assets should be held in securities that would take more than seven days to convert to cash. The comment period for the proposed rule ended in January, but no date has been set for a final approval.
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SEC rule proposals aimed at ETFs may chase investors into ETNs - Bloomberg
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February 5, 2016 | Permalink
Alternative mutual funds' popularity with investors increased from 2007 to 2014 and attracted $124 billion in new investments during that period, according to an industry report by PwC. The products had total assets of $334 billion invested in 569 funds by the end of that period, the report found. In the year ahead, PwC expects alternative mutual funds will continue to gain acceptance and investment inflows as the integration between alternative and traditional asset management continues, while increased access to traditional capital sources for product innovation and greater opportunities for defined contribution plans to invest in alternative strategies will also benefit the industry.
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February 3, 2016 | Permalink
The SEC named Jane Jarcho as the deputy director of the Office of Compliance Inspections and Examinations (OCIE). Jarcho was the national director of OCIE's investment adviser/investment company examination program since 2013 and will continue in that role, responsible for inspections of U.S. registered investment advisers and investment companies. Under her leadership, investment adviser/investment company examinations increased more than 27% and targeted areas such as cybersecurity, never before examined investment advisers and investment companies, alternative mutual funds, fixed income funds and retirement accounts.
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February 3, 2016 | Permalink
FINRA identified cybersecurity as a technology management issue under the priority area of supervision, risk management and controls. The SEC also listed cybersecurity as a top priority in its Examination Priorities for 2016 notice, because at least 74% of advisers have been a target of a cyber-attack, it says. A current issue related to cybersecurity in the financial advising industry is wire fraud, said Michael Kitces, a certified financial planner and director of financial planning for Pinnacle Advisory Group. Cyber-thieves are contacting advisers, pretending to be clients on vacation, claiming they've been robbed, and requesting a wire transfer immediately, he said. Fraudsters are hacking into clients' personal emails and looking through their "sent" files to gain financial information, and contacting the advisers with phony requests.
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January 28, 2016 | Permalink
Fund Name: NexPoint Real Estate Strategies Fund
Adviser: NexPoint Advisors LP
Sub-Adviser(s): None
Fees: 1.25% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment (Class A and C); $100,000 minimum initial investment (Class Z); $50 minimum initial investment (retirement accounts); $50 minimum subsequent investments
Filing Date: Jan. 19, 2016
Effective Date: Pending
   
Fund Name: Direct Lending Income Fund
Adviser: Direct Lending Income Fund Advisors LLC
Sub-Adviser(s): None
Fees: 1% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $25,000 minimum initial investment; $5,000 minimum subsequent investment
Filing Date: Dec. 31, 2015
Effective Date: Pending
   
Fund Name: Stone Ridge Trust V
Adviser: Stone Ridge Asset Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $15 million minimum initial investment for institutional investors and their clients; No minimum for other client groups
Filing Date: Dec. 11, 2015
Effective Date: Pending
   
Fund Name: Sound Point Alternative Income Fund
Adviser: Sound Point Capital Management LP
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End
Investor Restrictions: None specified
Filing Date: Dec. 11, 2015
Effective Date: Pending
   
Fund Name: NorthStar Global Corporate Income Master Fund
Adviser: NSAM B-CEF Ltd.
Sub-Adviser(s): OZ Institutional Credit Management LP
Fees: 2% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase; Master fund)
Investor Restrictions: Accredited investor
Filing Date: Dec. 7, 2015
Effective Date: Pending
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January 27, 2016 | Permalink
In response to the growing market for registered private equity fund products, Altegris Advisors is targeting a 2016 launch for a private debt-themed vehicle. The firm may also explore other opportunities, including venture capital or growth equity, according to CEO and CIO Jack Rivkin, who says the registered funds have, to this point, largely been confined to the buyout space. Rivkin says the market exists for more focused funds across various sub-segments, with private credit providing the most promising opportunity due to the larger number of fund managers in the lending space and the anticipation that distressed debt investing will continue to thrive amid market instability.
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January 20, 2016 | Permalink
Susan Nash, associate director of the SEC's Division of Investment Management, will leave the agency at the end of January. She was instrumental in the creation of disclosure policy for mutual funds and other investment companies while at the SEC, including the mutual fund summary prospectus, improvements to fee and performance disclosures, electronic document delivery, harmonization of SEC and CFTC requirements for dual registrants, tailored disclosure requirements for variable life insurance, and implementation of Sarbanes-Oxley Act requirements. Nash also played a leadership role in the SEC's engagement with the Financial Stability Oversight Council on the analysis of potential financial stability risks posed by asset management activities and products.
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