November 2015


December 1, 2015 | Permalink
Alternative investment fund manager Franklin Square Capital Partners hired Greg Bassuk as managing director and head of liquid alternative strategies, a role in which he will manage the development of the firm's liquid alternatives platform. Bassuk was the COO of IndexIQ, an asset management firm he co-founded that brought the first set of liquid alternative investments to market. He previously held positions at Time Warner and private investment firm McGovern Capital.
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November 22, 2015 | Permalink
A Wall Street Journal analysis reveals the SEC's in-house judges have ruled against the agency more often in recent months. The analysis shows the five SEC administrative-law judges found for the agency for 67% of defendants in contested cases for the year through September, with some rulings still to come. That success rate is markedly lower than in any of the previous four fiscal years, when the agency each year won against between 82% and 100% of defendants in its in-house court, the analysis found. A potential reason behind the change stems from the SEC judges wanting to dispel the perception they are "sitting in the pocket of government," which legal experts say the SEC risks undermining because of its tactics in fighting a series of challenges in the federal courts to its internal tribunal. SEC officials say their judges are impartial and part of a "very fair" system, pointing to their recent losses in their internal tribunal as evidence of the judges' willingness to go against the agency.
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November 19, 2015 | Permalink
Fund Name: GuideMark Alternative Lending Income Fund
Adviser: AssetMark Inc.
Sub-Adviser(s): Not specified
Fees: Not specified
Open- or Closed-End: Closed End (Quarterly repurchase)
Investor Restrictions: None specified
Filing Date: Nov. 13, 2015
Effective Date: Pending
   
Fund Name: Elkhorn Dorsey Wright Tactical Equity Income Fund
Adviser: Elkhorn Investments LLC
Sub-Adviser(s): Dorsey Wright and Associates Inc.
Fees: Not specified
Open- or Closed-End: Closed-End
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Oct. 30, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Emerging Markets Opportunities Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Event Driven Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Long/Short Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
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November 19, 2015 | Permalink
The SEC’s whistleblower office reported 3,923 tips in the last fiscal year, resulting in $37 million in awards for reporting securities violations. Tips came in from all 50 states as well as Washington, D.C., and 61 foreign countries. The most common tips reported by whistleblowers pertained to disclosure issues, followed by fraud and stock manipulation, which is consistent with prior years. Eighty percent of award recipients reported their concerns internally before coming to the SEC. Enforcement leaders at the SEC and DOJ said their agencies are getting a higher number of tips alleging violations of the Foreign Corrupt Practices Act, and those tips are increasingly sophisticated, as employees better understand information needed by authorities to open investigations.
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November 16, 2015 | Permalink
As competition among ETF providers increases, BlackRock renewed efforts to secure SEC approval for a product that is run by a portfolio manager and doesn't have to disclose its holdings daily, as is currently required by actively managed ETFs. The transparency of ETFs has long been used as a selling point, however analysts also point out that it reveals the portfolio managers' strategy to other funds. Rival Eaton Vance is planning to launch actively managed non-transparent funds in 2016 after obtaining becoming the first and only firm to gain SEC approval. BlackRock said it remains focused on products in its iShares ETF line that provide "daily transparency" and may not necessarily launch the new type of product even if the SEC approves its request.
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November 12, 2015 | Permalink
The SEC named Marc Wyatt as director of the Office of Compliance Inspections and Examinations and leader of its National Exam Program. He was previously OCIE's deputy director and has been the office's acting director since former director Andrew Bowden departed in April. Wyatt joined the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds. The OCIE is responsible for the National Exam Program of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies and transfer agents.
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November 10, 2015 | Permalink
Added regulations on banks and prime brokers are creating changes for hedge funds, which face increased trading fees and broader changes to business relationships. This is putting pressure on funds' margins and is causing managers to seek other growth strategies, according to EY's 2015 Global Hedge Fund and Investor Survey. Additional regulation from Basel III, Dodd-Frank and elsewhere have caused banks and their prime brokerage units to increase their focus on liquidity, balance sheet capacity and funding, resulting in changes for fund managers who use prime brokers to finance trades. As a result, fund managers using distressed credit, fixed income and global macro strategies have experienced some of the highest price increases. Respondents also expect price increases and broker limitations to alter the trading landscape, including causing a shift towards swap-based trade execution and reducing repo financing and overall leverage.
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November 10, 2015 | Permalink
The New York Financial Department of Services provided details related to potential cybersecurity regulations for banks and insurance companies under its jurisdiction. The measures include requiring that firms appoint a chief information security officer and adopt a multi-stepped process for allowing employees and customers to log into their systems. If adopted, the regulations would require firms to adopt written cybersecurity policies and procedures in 12 areas, including customer data privacy and network security. Firms would also have to develop policies to require that outside service providers also keep data secure.
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November 9, 2015 | Permalink
The SEC Office of Compliance Inspections and Examinations issued a risk alert regarding investment advisers and investment companies that outsource their Chief Compliance Officer (CCO) duties to unaffiliated third-parties. The SEC noted that the mandated role of CCO is increasingly being outsourced and, while the OCIE found many strong third-party CCO practices, it also identified potential risks and several practices that should be strengthened. As such, CCOs are advised to ensure a proactive compliance policy that meets their obligations under Rule 206(4)-7 of the Investment Advisers Act of 1940 and Rule 38a-1 of the Investment Company Act of 1940.
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November 5, 2015 | Permalink
Fund Name: Elkhorn Dorsey Wright Tactical Equity Income Fund
Adviser: Elkhorn Investments LLC
Sub-Adviser(s): Dorsey Wright and Associates Inc.
Fees: 1.1% Management Fee
Open- or Closed-End: Closed-End
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: Oct. 30, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Emerging Markets Opportunities Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Event Driven Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Long/Short Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Market Neutral Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
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