August 17, 2017 | Permalink
Fund Name: WCM Alternatives: Credit Event Fund
Adviser: Westchester Capital Management LLC
Sub-Adviser(s): None
Fees: 1.25% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,000 minimum initial investment, no minimum subsequent investment (Investor Class Shares); $1 million minimum initial investment, $500 minimum subsequent investment (Institutional Class Shares)
Filing Date: Aug. 8, 2017
Effective Date: Pending
   
Fund Name: Oppenheimer SteelPath MLP & Energy Infrastructure Fund
Adviser: OFI SteelPath Inc.
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment; $500 minimum initial investment for Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts; $1 million minimum initial investment for Class I shares; No minimum subsequent investment
Filing Date: Aug. 1, 2017
Effective Date: Pending
   
Fund Name: T. Rowe Price Capital Appreciation & Income Fund, Inc.
Adviser: T. Rowe Price Associates, Inc.
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment ($1,000 for retirement accounts), $100 minimum subsequent investment (Investor Class); $1 million minimum initial investment, no minimum subsequent investment (I Class); Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.
Filing Date: July 6, 2017
Effective Date: Pending
   
Fund Name: Highland Global Allocation Fund II
Adviser: Highland Capital Management Fund Advisors, L.P.
Sub-Adviser(s): Not specified
Fees: 0.4% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $500 minimum initial investment by mail ($1,000 by wire), $100 minimum subsequent investment by mail ($1,000 by wire) for Class A and C Shares; No minimum initial or subsequent investment amounts for Class Y Shares.
Filing Date: June 30, 2017
Effective Date: Pending
   
Fund Name: Highland Floating Rate Opportunities Fund II
Adviser: Highland Capital Management Fund Advisors, L.P.
Sub-Adviser(s): Not specified
Fees: 0.65% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment; $50 minimum subsequent investment
Filing Date: June 30, 2017
Effective Date: Pending
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August 10, 2017 | Permalink
The Department of Labor announced it will delay the implementation date for the fiduciary rule until July 1, 2019. The decision gives investment firms more time to comply with the regulation, which was previously set to take effect on Jan. 1, 2018 and has been criticized by many in the industry as being overly expensive and burdensome. The Labor Department filed the extension with the Office of Management and Budget as part of a broad review of the regulation requested by President Donald Trump.
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August 8, 2017 | Permalink
The SEC's Division of Economic and Risk Analysis published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report examines the issuance of debt, equity and asset-backed securities, as well as activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps and bond funds. Specifically, it identifies trends for unregistered offerings, such as those under Regulation D and Regulation Crowdfunding, as well as fixed income transactions, fixed income quotations and broker-dealer financial positions. The report determined that access to capital and market liquidity were not negatively affected by post-financial crisis regulatory reforms.
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August 7, 2017 | Permalink
Despite a stable stock market and CBOE Volatility Index that reached a record intraday low in July, investor demand for volatility funds remains strong, according to Morningstar data that shows a $1.49-billion net total of in-flows into volatility-focused mutual funds, ETFs and notes in the first seven months of 2017. The demand for downside protection may be fueled by investors' uncertainty regarding the potential impact of looming interest rate hikes on stock prices, The Wall Street Journal reports.
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August 7, 2017 | Permalink
The SEC's Office of Compliance Inspections and Examinations (OCIE) issued a risk alert outlining observations related to the cybersecurity practices observed during the course of its examinations. The examinations focused on the written policies and procedures regarding cybersecurity at 75 firms, while also seeking a better understanding of how firms managed cybersecurity preparedness. Although it acknowledged firms' cybersecurity preparedness had improved since 2014, OCIE noted several areas for potential improvement. Specifically, it suggested that broker-dealers and firms could do better at ensuring all required system patches are updated and installed on a timely basis, maintaining incident response plans to be followed in the event of a breach and formalizing supervisory procedures related to transfers to third-party accounts.
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August 3, 2017 | Permalink
Fund Name: T. Rowe Price Capital Appreciation & Income Fund, Inc.
Adviser: T. Rowe Price Associates, Inc.
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment ($1,000 for retirement accounts), $100 minimum subsequent investment (Investor Class); $1 million minimum initial investment, no minimum subsequent investment (I Class); Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.
Filing Date: July 6, 2017
Effective Date: Pending
   
Fund Name: Highland Global Allocation Fund II
Adviser: Highland Capital Management Fund Advisors, L.P.
Sub-Adviser(s): Not specified
Fees: 0.4% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $500 minimum initial investment by mail ($1,000 by wire), $100 minimum subsequent investment by mail ($1,000 by wire) for Class A and C Shares; No minimum initial or subsequent investment amounts for Class Y Shares.
Filing Date: June 30, 2017
Effective Date: Pending
   
Fund Name: Highland Floating Rate Opportunities Fund II
Adviser: Highland Capital Management Fund Advisors, L.P.
Sub-Adviser(s): Not specified
Fees: 0.65% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment; $50 minimum subsequent investment
Filing Date: June 30, 2017
Effective Date: Pending
   
Fund Name: Blackstone/GSO Floating Rate Enhanced Income Fund
Adviser: GSO/Blackstone Debt Funds Management LLC
Sub-Adviser(s): None
Fees: Management fee at an annual rate equal to 1% of the average daily value of the Fund's net assets
Open- or Closed-End: Closed-End (Monthly repurchase - subject to receipt of exemptive relief)
Investor Restrictions: $10,000 minimum initial investment; $1,000 minimum subsequent investment
Filing Date: June 30, 2017
Effective Date: Pending
   
Fund Name: Columbia Variable Portfolio - Managed Risk U.S. Fund
Adviser: Columbia Management Investment Advisers LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: The Fund is available for purchase through Contracts offered by the separate accounts of participating insurance companies or by other eligible investors authorized by Columbia Management Investment Distributors Inc.
Filing Date: June 26, 2017
Effective Date: Pending
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August 3, 2017 | Permalink
SEC Director of the Division of Investment Management, David Grim, will leave the agency next month after more than 20 years of public service. He leaves a legacy of regulatory policy reforms and legal guidance. The division oversees the $70-trillion asset management industry, which includes mutual funds; ETFs; closed-end funds; variable insurance products; business development companies and investment advisers.
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August 3, 2017 | Permalink
The U.S. Senate voted unanimously to confirm the nomination of J. Christopher Giancarlo as CFTC chairman, as well as Brian D. Quintenz and Rostin Behnam were unanimously confirmed as Commissioners. Giancarlo has served as acting chairman since January and said he plans to "fulfill the CFTC's mission to foster open, transparent, competitive and financially sound markets, in a way that best fosters broad-based economic growth and American prosperity." Quintenz, a Republican, joins the CFTC from Saeculum Capital Management, where he was founder, managing principal and CIO, while Behnam, a Democrat, served as senior counsel for the Senate Committee on Agricultural, Nutrition and Forestry.
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August 2, 2017 | Permalink
Liquid alternative strategies continued to attract investor capital in the second quarter of 2017, according to the latest Wilshire Liquid Alternatives Industry Monitor. A combination of organic growth, capital flows and new launches spurred overall AUM in the liquid alternatives sphere to increase by $3.1 billion during the period, although that growth was well below the $17.6 billion increase in AUM in Q1. Notably, after five consecutive quarters of outflows, multi-strategy funds experienced net inflows of $1.06 billion in Q2.
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July 27, 2017 | Permalink
BlackRock has launched the iShares Diversified Commodity Swap UCITS ETF, providing exposure to a variety of commodity markets. The ETF has a total expense ratio of 0.19% and trades in USD, but is also available in a pound sterling-denominated share class under the ticker COMM. BlackRock noted that the fund may prove popular with investors seeking portfolio diversification tools at a time when the correlation between historically uncorrelated asset classes, notably equities and fixed income, is rising.
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