March 16, 2017 | Permalink
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
   
Fund Name: THL Credit Senior Loan 2024 Term Fund
Adviser: Four Wood Capital Advisors LLC
Sub-Adviser(s): THL Credit Advisors LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Feb. 27, 2017
Effective Date: Pending
   
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
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March 10, 2017 | Permalink
The SEC denied a request to list what would have been the first U.S. exchange-traded fund built to track bitcoin. Investors Cameron and Tyler Winklevoss have been trying for more than three years to convince the SEC to let it bring the Bitcoin ETF to market. The regulators have questions and concerns about how the funds would work and whether they could be priced and trade effectively. Specifically, regulators stated the "significant markets for bitcoin are unregulated," adding "bitcoin is still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop."
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March 8, 2017 | Permalink
FINRA filed a proposal with the SEC to streamline competency exams and facilitate opportunities for professionals seeking to enter or re-enter the securities industry. FINRA rules currently require individuals who work for a covered firm in various capacities to demonstrate their qualifications by passing specific exams. These individuals must be associated with a FINRA-regulated firm to be eligible to take FINRA qualification exams. In 2016, FINRA had more than 90,000 representative-level exam candidates. The proposal revises the current exam structure to eliminate duplicative testing and barriers to demonstrating and maintaining qualifications. Among other changes, the proposal would make it easier for an individual with no prior securities industry experience to take a general knowledge exam as a first step to entering the industry.
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March 8, 2017 | Permalink
The Nasdaq Stock Market is seeking to expand the market for alternative investment funds with a blockchain-based payment and settlement process. The exchange notes it received approval from both regulators and tax officials for its approach to the new business. The exchange's Nasdaq Private Market (NPM) business unit will focus on enhancing access to alternative funds by improving liquidity for these instruments. Initially, it will support secondary market liquidity for private equity feeder funds, but it aims to expand to other sorts of alternative funds in the future. The new venture, NPM Alternatives, aims to bring together fund managers, financial advisors, investors and secondary liquidity providers to facilitate regular, auction-based liquidity events for alternative investment funds.
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March 8, 2017 | Permalink
The SEC is advancing rules to tighten standards on the rapidly growing ETF industry despite objections from asset managers, including BlackRock and Invesco, which argue the rules are unnecessary and could force some ETFs to be declared out of compliance or shut down even if the fund itself isn't at risk. Last year, the regulator pushed the three main ETF trading venues to draft rules that explicitly require the funds to continually pass a number of tests or face the possibility of being shut down. The SEC has now approved the second of the three proposals and could rule on the third in coming days, Reuters reports. The latest regulatory actions highlight concerns over the potential for trading abuses affecting ETFs, especially those tracking indexes that include assets that aren't traded often.
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March 2, 2017 | Permalink
Fund Name: THL Credit Senior Loan 2024 Term Fund
Adviser: Four Wood Capital Advisors LLC
Sub-Adviser(s): THL Credit Advisors LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Feb. 27, 2017
Effective Date: Pending
   
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
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March 1, 2017 | Permalink
Acting SEC chair Michael Piwowar says relaxing the accredited investor definition would benefit "the forgotten investor." In a speech at the annual SEC Speaks event, he argued that deciding which investors can fend for themselves and which can't "is a line-drawing exercise fraught with peril" and questioned the belief that non-accredited investors are truly protected by regulations shielding them from high-risk, high-return investments. Despite his criticism, Piwowar didn't indicate any changes would be made immediately. In 2016, as part of a regular review required under Dodd-Frank, the SEC proposed several possible changes to the accredited investor definition. However, it remains uncertain what changes, if any, may be adopted.
Related News:
Financial advisers bristle at SEC's pitch to redefine 'accredited investor' - Investment News (reg. req.)
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February 23, 2017 | Permalink
The SEC published information and guidance for investors and the financial services industry on the use of robo-advisers. The SEC's Division of Investment Management issued guidance for investment advisers with suggestions on meeting disclosure, suitability and compliance obligations under the Investment Advisers Act of 1940. It reminded advisers that, while robo-advisers operate under a broad range of business and service models, all are required to follow investment adviser rules, including operating as a fiduciary. A second publication, an Investor Bulletin issued by the SEC's Office of Investor Education and Advocacy, provides individual investors with information they may need to make informed decisions if they consider using robo-advisers, including doing the same research they would before investing with any other financial services firm.
Related News:
SEC provide robo-adviser guidance - Investment News
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February 22, 2017 | Permalink
New York-based Beachhead Capital Management added two of its liquid alternative strategies to Mercury Capital Advisors' iFunds platform. Beachhead's Equity Hedge Dynamic Beta and Managed Futures Dynamic Beta strategies, which seek to offer performance that matches or exceeds leading hedge funds, along with low fees and daily liquidity, are now available on the iFunds system. Beachhead manages approximately $500 million and is the sole sub-advisor of two liquid alternative funds for SEI Investments Company.
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February 16, 2017 | Permalink
A Context Summits survey of more than 200 institutional investors and family office executives found nearly 75% plan to increase their allocations to alternative assets in the year ahead. More than half said they view the alternative asset management industry positively, with 36% taking a neutral stance. A majority - 59% - prefer to invest with emerging managers rather than established managers, indicating a willingness to seek new ideas and strategies. Although investors identified regulatory and political uncertainty and volatility in global markets as being among the potential roadblocks to growth in 2017, Context said the survey results indicate a strong appetite for alternative investing.
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