December 1, 2016 | Permalink
Fund Name: PIMCO Flexible Credit Income Fund
Adviser: Pacific Investment Management Company LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Not specified
Filing Date: Nov. 3, 2016
Effective Date: Pending
   
Fund Name: Steadfast Alcentra Global Credit Fund
Adviser: Steadfast Investment Adviser LLC
Sub-Adviser(s): Alcentra NY LLC
Fees: Management Fee: 2% of gross assets up to and including $500 million; 1.75% of gross assets over $500 million and up to and including $1 billion; and 1.50% of gross assets over $1 billion
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $4,000 minimum initial investment (Class A, T and D); $10,000 minimum initial investment (Class I); Additional purchases in $500 increments, unless made pursuant to the DRP or as otherwise permitted by the Fund
Filing Date: Nov. 3, 2016
Effective Date: Pending
   
Fund Name: Sierra Opportunity Fund
Adviser: SOF Advisors LLC
Sub-Adviser(s): None
Fees: 2% Management Fee; 20% incentive fee on pre-incentive net investment income with a 6% annualized hurdle and a catch up feature
Open- or Closed-End: Closed-End (Annual repurchase)
Investor Restrictions: $2,500 minimum initial investment for regular accounts, $1,000 for retirement plan accounts (Class A); $2,500 minimum initial investment for regular and retirement plan accounts (Class T); minimum subsequent investment of $100 under the fund's automatic investment program or $1,000 (Class A and Class T); $2 million minimum initial investment, no minimum subsequent investment (Class I)
Filing Date: Oct. 31, 2016
Effective Date: Pending
   
Fund Name: FS Energy Total Return Fund
Adviser: FS Energy Advisor LLC
Sub-Adviser(s): Magnetar Asset Management LLC
Fees: 1.75% Management Fee on gross assets
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); minimum investment for Class I not specified
Filing Date: Oct. 25, 2016
Effective Date: Pending
   
Fund Name: Versus Capital Real Assets Fund LLC
Adviser: Versus Capital Advisors LLC
Sub-Adviser(s): None
Fees: $1.15% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $10 million minimum initial investment
Filing Date: Oct. 19, 2016
Effective Date: Pending
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November 28, 2016 | Permalink
The global demand for factor-based strategies continues to rise among private banks, global pension funds, insurers, sovereign wealth funds and others, 71% of which expect to increase their allocations in the next five years, according to an Invesco study. Seeking risk diversification and increasing alpha, respondents said multifactor quantitative strategies, internal factor models and fixed-income and liquid alternative strategies will be increasingly popular options in that time.
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November 23, 2016 | Permalink
Minutes from the U.S. Fed's November meeting show the U.S. economy is strong in key sectors, boosting the chances of an interest rate rise in December. The minutes indicated officials were looking for signs of an improving economy before raising rates. The U.S. has since seen a stream of robust economic news and improved consumer outlook following the presidential election. ​With the outcome of the presidential election settled and employment and inflation on the rise, economists and market participants almost overwhelmingly expect the Fed to increase rates in three weeks. The meeting minutes also indicate most officials believe an increase could be warranted "relatively soon" if data continues to show an improving economy.
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November 21, 2016 | Permalink
Casey Brunner has returned to liquid alternatives firm Hatteras as a partner and managing director, focused on business development and client relations. Brunner originally joined Hatteras in 2011 as Midwest regional director and has also held leadership positions at The Rock Creek Group and Morgan Stanley Investment Management.
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November 21, 2016 | Permalink
The CFTC unanimously approved amendments to its regulations regarding the financial reports commodity pool operators are required to provide on their operations. The amendments incorporate into CFTC regulations relief that, to date, has been available through exemptive or no-action letters. Among the amendments are provisions for the use of certain additional alternative generally accepted accounting principles, practices or standards in Annual Reports and periodic Account Statements – whether distributed as stated in CFTC Regulation 4.22 or 4.7 – and in Form CPO-PQR. The amendments also provide for "stub period" relief from the Annual Report audit requirement where the pool's first fiscal year is four months or less and where, excluding insiders, the pool has had 15 or fewer participants who have contributed no more than $3 million. Further, the amendments provide an exemption from the Annual Report audit requirement for the CPO of a pool whose participants during a fiscal year are exclusively specified insiders who have a particularly close relationship with the pool's operation.
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November 21, 2016 | Permalink
Stephen Luparello, director of the SEC's Division of Trading and Markets, will leave the agency by the start of next year. He has been director of the office since February 2014 and played a key role in enhancing the transparency and strengthening the integrity of the nation's markets, including the operation of trading platforms, clearing agencies and broker-dealers.
Related News:
Chief litigation counsel Matthew C. Solomon to leave SEC - SEC
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November 18, 2016 | Permalink
The SEC approved a FINRA proposal requiring member firms to disclose the mark-up or mark-down on retail customer confirmations for most transactions in corporate and agency debt securities. The rule requires that if a firm sells or buys a corporate or agency fixed-income security to or from a retail customer and, on the same day, buys or sells the same security as principal from another party in an equal or greater amount, the firm must disclose its mark-up or mark-down from the prevailing market price for that security. The confirmation would also have to include the execution time and a reference to trade-price data in the security from FINRA's Trade Reporting and Compliance Engine (TRACE).
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November 17, 2016 | Permalink
Fund Name: PIMCO Flexible Credit Income Fund
Adviser: Pacific Investment Management Company LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Not specified
Filing Date: Nov. 3, 2016
Effective Date: Pending
   
Fund Name: Steadfast Alcentra Global Credit Fund
Adviser: Steadfast Investment Adviser LLC
Sub-Adviser(s): Alcentra NY LLC
Fees: Management Fee: 2% of gross assets up to and including $500 million; 1.75% of gross assets over $500 million and up to and including $1 billion; and 1.50% of gross assets over $1 billion
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $4,000 minimum initial investment (Class A, T and D); $10,000 minimum initial investment (Class I); Additional purchases in $500 increments, unless made pursuant to the DRP or as otherwise permitted by the Fund
Filing Date: Nov. 3, 2016
Effective Date: Pending
   
Fund Name: Sierra Opportunity Fund
Adviser: SOF Advisors LLC
Sub-Adviser(s): None
Fees: 2% Management Fee; 20% incentive fee on pre-incentive net investment income with a 6% annualized hurdle and a catch up feature
Open- or Closed-End: Closed-End (Annual repurchase)
Investor Restrictions: $2,500 minimum initial investment for regular accounts, $1,000 for retirement plan accounts (Class A); $2,500 minimum initial investment for regular and retirement plan accounts (Class T); minimum subsequent investment of $100 under the fund's automatic investment program or $1,000 (Class A and Class T); $2 million minimum initial investment, no minimum subsequent investment (Class I)
Filing Date: Oct. 31, 2016
Effective Date: Pending
   
Fund Name: FS Energy Total Return Fund
Adviser: FS Energy Advisor LLC
Sub-Adviser(s): Magnetar Asset Management LLC
Fees: 1.75% Management Fee on gross assets
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); minimum investment for Class I not specified
Filing Date: Oct. 25, 2016
Effective Date: Pending
   
Fund Name: Versus Capital Real Assets Fund LLC
Adviser: Versus Capital Advisors LLC
Sub-Adviser(s): None
Fees: $1.15% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $10 million minimum initial investment
Filing Date: Oct. 19, 2016
Effective Date: Pending
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November 16, 2016 | Permalink
Alternative asset managers identified liquidity management as their top priority in a survey conducted by AIMA and State Street. Post-crisis regulations, historically low interest rates and slow growth in the global economy have combined to limit banks' ability to perform their traditional roles as market makers, the report said, in turn affecting broader market liquidity conditions. More than three-fifths of the survey respondents said their investment management strategy has been negatively affected by current market liquidity conditions, while nearly one-third called the impact "significant." This is prompting investors and managers to alter their activities. For example, 53% of asset managers and owners said they are planning to add more liquid investments to maintain exposures.
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November 15, 2016 | Permalink
The SEC approved a national market system (NMS) plan to create a single, consolidated audit trail (CAT) database, designed to enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets. The plan outlines how self-regulatory organizations and broker-dealers will record and report information, 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. In response to public comments and recommendations, the SEC modified several provisions of the plan from its original form. For example, the SEC:
  • Strengthened several data security requirements, including with respect to personally identifiable information;
  • Tightened the clock synchronization standards for SROs to within 100 microseconds of the time maintained by the National Institute of Standards and Technology to enable regulators to better sequence order events across multiple exchanges and required the SROs to assess industry standards for clock synchronization based on the type of market participant or system, rather than the industry as a whole;
  • Enhanced the CAT plan governance by expanding the membership of the advisory committee to include an additional institutional investor representative and a representative of a service bureau that provides CAT reporting services; and
  • Accelerated the deadline for SROs to submit proposals to retire regulatory data reporting systems that will be rendered obsolete by CAT, to reduce the burden on broker-dealers of reporting to multiple systems.

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