December 2015


December 31, 2015 | Permalink
Fund Name: American Funds Emerging Markets Bond Fund
Adviser: Capital Research and Management Company
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $250 minimum initial investment; $50 minimum subsequent investment
Filing Date: Dec. 18, 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
   
Fund Name: NorthStar Global Corporate Income Fund-T
Adviser: NSAM B-CEF Ltd.
Sub-Adviser(s): OZ Institutional Credit Management LP
Fees: Master fund pays 2% management fee
Open- or Closed-End: Closed-End (Quarterly repurchase; Feeder fund)
Investor Restrictions: $4,000 minimum initial investment; $500 minimum subsequent investment
Filing Date: Nov. 25, 2015
Effective Date: Pending
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December 19, 2015 | Permalink
In response to hedge funds' chief compliance officers concerns about being targeted by the SEC for enforcement action in the event of any wrongdoing at their firm, Andrew Ceresney, director of the SEC's Division of Enforcement, suggested CCOs need not fear action in cases where there is no evidence of wrongdoing. In a keynote speech to the National Society of Compliance Professionals 2015 National Conference, he said that enforcement "actions punish misconduct that falls outside the bounds of the work that nearly all (CCOs) do on a daily basis; do not involve the exercise of good faith judgments; and are consistent with the partnership we have developed to foster compliance with the laws."
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December 18, 2015 | Permalink
The CFTC approved a final rule amending the recordkeeping obligations for certain market participants under Commission Regulation 1.35(a). The amendments exclude certain types of participants from some aspects of the written and oral recordkeeping requirements, while also clarifying the requirements governing the form and manner in which records must be kept. Lastly, the final rule reorganizes the rule text to provide affected market participants with greater clarity regarding their recordkeeping obligations.
Related News:
CFTC reminds swap dealers and major swap participants of reporting obligations - CFTC
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December 18, 2015 | Permalink
Although there's anxiety on Wall Street in the wake of the Federal Reserve's decision this month to raise rates, 361 Capital CIO Cliff Stanton argues in this guest column that the uncertainty will also bring a few bright spots. Specifically, higher interest rates should benefit the managers and investors of some alternative mutual funds, long/short and managed futures in particular. Managed futures' relatively large cash holdings, which have been earning relatively little due to low interest rates, should benefit from the rate increase, while long/short funds' short rebate elements will also provide some added returns, Stanton says.
Related News:
Managed futures, multi-alternative funds continue to dominate asset flows - DailyAlts
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December 18, 2015 | Permalink
The SEC issued a staff report on the accredited investor definition, as required by Dodd-Frank every four years, to determine whether the definition should be modified or adjusted. Among other possibilities, the report recommends that the definition be revised "to allow individuals to qualify as accredited investors based on other measures of sophistication" than the current measures of income and net worth. It suggests that people with a threshold level of investments or a professional certification could become eligible, as well as those experienced investing in exempt offerings, "knowledgeable employees of private funds" or anyone who passes a test. The report analyzes various approaches for modifying the definition and considers comments on the definition received from a variety of sources, including members of the public, the Investor Advisory Committee and the Advisory Committee on Small and Emerging Companies. It considers alternative approaches to defining accredited investor, provides staff recommendations for potential updates and modifications to the existing definition and analyzes the impact potential approaches may have on the pool of accredited investors.
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December 17, 2015 | Permalink
The federal banking agencies are requesting comment on the fourth and final set of regulatory categories as part of the review aimed at identifying outdated or unnecessary regulations applied to insured depository institutions. Such a review and request for feedback is required at least every 10 years. The regulations are divided into 12 categories and comments are requested for nine categories. A fourth notice seeks comment on regulations in three additional categories: rules of procedure; safety and soundness; and securities. Comments will be accepted within 90 days after publication in the Federal Register.
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December 17, 2015 | Permalink
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
   
Fund Name: NorthStar Global Corporate Income Fund-T
Adviser: NSAM B-CEF Ltd.
Sub-Adviser(s): OZ Institutional Credit Management LP
Fees: Master fund pays 2% management fee
Open- or Closed-End: Closed-End (Quarterly repurchase; Feeder fund)
Investor Restrictions: $4,000 minimum initial investment; $500 minimum subsequent investment
Filing Date: Nov. 25, 2015
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV
Adviser: Neuberger Berman Management LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master fund pays 0.10% during the first 12 months following the fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations; and 0.30% for the remaining life of the fund based on the investor's total commitments.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors and qualified clients
Filing Date: Nov. 19, 2015
Effective Date: Pending
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December 16, 2015 | Permalink
The CFTC approved, by a 2-1 vote, the final rule governing margin requirements for uncleared swaps for swap dealers and major swap participants. The new regulation addresses margin requirements for uncleared swaps that aren't subject to regulation by the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration or the Federal Housing Finance Agency (CSEs). The margin requirements are designed to protect the safety and soundness of CSEs and the integrity of the financial system by requiring parties to hold collateral to cover the risk posed by counterparties with open uncleared swap positions.
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December 15, 2015 | Permalink
According to a global survey by PwC and the Alternative Investment Management Association, more than 80% of firms that have liquid alternatives funds said those products were also growing, while almost one-third of U.S. managers and 50% of U.K. managers said they would roll out a new liquid alternatives fund. Meanwhile, Bloomberg reported that liquid alternative funds are also on track to record their best ever net inflows this year as investors look for ways to escape volatile markets. So far this year, the funds raised around $110 billion from retail and institutional investors, particularly in Europe, beating the previous record of $106.6 billion in 2013, according to data from Morningstar. Their AUM increased by 10% to around $715 billion. read more
December 14, 2015 | Permalink
SEC members voted to propose limits on derivatives use by mutual funds and ETFs in a bid to protect investors in funds that rely on the high-risk transactions. The proposal is open for public comment for 90 days, and could be formally adopted by the SEC sometime after that. SEC Chair Mary Jo White said insufficient controls on derivatives use can create "significant risks for funds themselves and investors, as well as raise questions about the potential impacts on the broader financial system." Under the proposal, mutual funds and ETFs would also be required to adopt new measures to control financial risks. They would choose one of two ways to limit their use of derivatives: by limiting the amount of derivatives transactions in the fund's portfolio to 150% of total fund assets, or by allowing that amount to reach up to 300% as long as the fund passed a test showing its portfolio is less risky with derivatives transactions included than if it had none. The SEC also voted to propose rules that would require resource extraction issuers to disclose payments made to the U.S. or foreign governments for the commercial development of oil, natural gas or minerals, as mandated under Dodd-Frank. read more
December 11, 2015 | Permalink
The SEC proposed rules that would require resource extraction issuers to disclose payments made to the federal government or foreign governments for the commercial development of oil, natural gas or minerals - which have been common targets for investment funds in recent years. The proposed rules are mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act with the intention of advancing U.S. policy interests by promoting greater transparency about payments related to resource extraction.
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December 10, 2015 | Permalink
The SEC plans to bring more cases against investment advisers who do not have policies to prevent hacking, specifically in cyber-related cases that focus on regulatory obligations to keep customers' information private. The SEC is one of many U.S regulators that have ramped up scrutiny of cyber security over the past few years in the wake of high-profile attacks against public companies like Target and Home Depot, in addition to banks such as JPMorgan Chase.
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December 4, 2015 | Permalink
In a speech at Harvard Law School, CFTC commissioner Christopher Giancarlo warned that cyber-risks are the "number one threat to 21st century financial markets," with a greater disruptive potential than advances in automated trading and emerging technologies like the blockchain. In addition to various threats posed by cybercriminals, Giancarlo said that the rapid shift to automated trading has also presented new challenges, including increased risk of sudden spikes in market volatility and "phantom liquidity" arising from the sheer speed of execution, flawed algorithms and position crowding.
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December 3, 2015 | Permalink
Fund Name: NorthStar Global Corporate Income Fund-T
Adviser: NSAM B-CEF Ltd.
Sub-Adviser(s): OZ Institutional Credit Management LP
Fees: Master fund pays 2% management fee
Open- or Closed-End: Closed-End (Quarterly repurchase; Feeder fund)
Investor Restrictions: $4,000 minimum initial investment; $500 minimum subsequent investment
Filing Date: Nov. 25, 2015
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV
Adviser: Neuberger Berman Management LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master fund pays 0.10% during the first 12 months following the fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations; and 0.30% for the remaining life of the fund based on the investor's total commitments.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors and qualified clients
Filing Date: Nov. 19, 2015
Effective Date: Pending
   
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
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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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