April 2015


April 24, 2015 | Permalink
Liquid alternative investment products outperformed single-manager hedge funds in 2014, according to a report from Preqin. Alternative mutual funds delivered average returns of 4.36% last year, compared to 3.78% for their hedge fund counterparts. While they offer investors lower minimum investment requirements, more transparency and greater liquidity, liquid alternatives have historically trailed the returns of their hedge fund counterparts. The survey also found that macro and equity strategies were the most popular in both the alternative mutual fund and UCITS landscape. However, nearly 25% of the 40-Act alternative fund launches in 2014 had a credit focus, compared to 9% for UCITS funds.
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April 23, 2015 | Permalink
Kramer Levin's Financial Services group will host the Third Annual Public Alternative Funds Seminar on April 30 at the firm's New York office. Partners Ronald M. Feiman and George M. Silfen will moderate a panel discussion examining distribution opportunities for private fund managers, including: wirehouse platforms; RIA channels; insurance and pension programs; and subadvising opportunities. Guest speakers will include:
  • Daniel Maccarrone, executive director, Morgan Stanley Wealth Management;
  • William R. Stout, managing director, Corsair Capital Management L.P.;
  • Bradley J. Walker, managing director of alternative investments, CAIS; and
  • Thomas Murray, managing director, Arden Asset Management.
The seminar will also feature Public Alternatives in 2015: A Conversation with William J. Landes, deputy head of global investment solutions and alternative investments at Columbia Threadneedle Investments. Space is limited. Please RSVP no later than April 23 here or by calling 212-715-7605. read more
April 23, 2015 | Permalink
Fund Name: Fintan Alternative Fixed Income Master Fund
Adviser: Fintan Partners LLC
Sub-Adviser(s): None
Fees: 0.75% Management Fee
Open- or Closed-End: Closed-End (Non-listed)
Investor Restrictions: None
Filing Date: April 14, 2015
Effective Date: Pending
   
Fund Name: Fintan Alternative Fixed Income Advisory Fund
Adviser: Fintan Partners LLC
Sub-Adviser(s): None
Fees: 0.75% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase; non-listed)
Investor Restrictions: Accredited investor; $25,000 minimum initial investment, $10,000 minimum subsequent investment
Filing Date: April 14, 2015
Effective Date: Pending
   
Fund Name: Fintan Alternative Fixed Income Institutional Fund
Adviser: Fintan Partners LLC
Sub-Adviser(s): None
Fees: 0.75% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase; non-listed)
Investor Restrictions: Accredited investor; $25,000 minimum initial investment, $10,000 minimum subsequent investment
Filing Date: April 14, 2014
Effective Date: Pending
   
Fund Name: TSC/Richard Bernstein Global Thematic Micro-Cap Fund
Adviser: Radiance Asset Management LLC
Sub-Adviser(s): Richard Bernstein Advisors LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Non-listed)
Investor Restrictions: 500 shares of common stock; $25,000 minimum
Filing Date: April 3, 2015
Effective Date: Pending
   
Fund Name: Triloma EIG Global Energy Term Fund I
Adviser: Triloma Energy Advisors LLC
Sub-Adviser(s): EIG Credit Management Company LLC
Fees: 2% Management Fee; 20% Performance Fee
Open- or Closed-End: Closed-End (Non-listed)
Investor Restrictions: $5,000 minimum
Filing Date: March 30, 2015
Effective Date: Pending
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April 22, 2015 | Permalink
As the U.S. prepares for the first interest-rate hike in nearly a decade, the Federal Reserve wants to ensure the market is prepared for the fallout. Of particular concern to the central bank is the booming asset management industry and whether certain funds have enough underlying assets to withstand a rash of investor redemptions. The Fed is also concerned about surprising market conditions that expose investors to liquidity risks and cause a spike in borrowing costs, which would harm economic growth.
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April 19, 2015 | Permalink
Carlyle will shut down a pair of mutual funds started last year, the Carlyle Core Allocation Fund and the Carlyle Enhanced Commodity Real Return Fund, according to SEC filings. The allocation fund had about $53 million in assets at the end of November, while the commodity fund hadn't started accepting money. The liquidation of the two funds is the latest setback to private equity firms' pursuit of individual investors as an alternative to institutions and the very wealthy. read more
April 15, 2015 | Permalink
Marc Wyatt, deputy director of the SEC's Office of Compliance Inspections and Examinations since October 2014, was selected to be acting director of the office. He joined the SEC in 2012 as a senior specialized examiner of advisers to hedge funds and private equity funds. Prior to joining the SEC, he was a partner and CEO of global strategy hedge fund Stark Investments.
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April 14, 2015 | Permalink
CFTC Commissioner Sharon Bowen said Congress should let the agency set fees for Wall Street banks and other financial firms to fund their own government oversight. In her testimony to a House Agriculture subcommittee hearing, Bowen said fees on firms registered with the CFTC and on specific trades would help the agency respond faster to industry requests. Chairman Timothy Massad, Commissioner Mark Wetjen and Bowen previously said the CFTC needs more cash to handle new oversight duties granted after the financial crisis. Congress is yet to take up legislation and any effort would face strong opposition from Republicans and the financial industry. CME Group executive chairman Terrence Duffy previously told the agriculture committee that fees on the industry would increase trading costs and encourage businesses to move abroad. read more
April 14, 2015 | Permalink
Democratic Commissioner Luis Aguilar says the SEC will bring more enforcement actions against companies selling complex securities and other products with risky structures - including alternative mutual funds and structured notes - to retail investors. Speaking at the annual North American Securities Administrators Association conference, he said the Complex Financial Instruments Unit - one of the units the regulator created following the financial crisis - is devoting more resources to complex products marketed to less-sophisticated retail investors. Aguilar says such products are vulnerable to fraudsters, "who often use the complexity of new products to hide their schemes."
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April 9, 2015 | Permalink
Fund Name: TSC/Richard Bernstein Global Thematic Micro-Cap Fund
Adviser: Radiance Asset Management LLC
Sub-Adviser(s): Richard Bernstein Advisors LLC
Fees: Not specified
Open- or Closed-End: Closed-End
Investor Restrictions: 500 shares of common stock; $25,000 Minimum
Filing Date: April 3, 2015
Effective Date: Pending
   
Fund Name: Triloma EIG Global Energy Term Fund I
Adviser: Triloma Energy Advisors LLC
Sub-Adviser(s): EIG Credit Management Company LLC
Fees: 2% Management Fee
Open- or Closed-End: Closed-End
Investor Restrictions: $5,000 Minimum
Filing Date: March 30, 2015
Effective Date: Pending
   
Fund Name: Archstone Alternative Solutions Fund
Adviser: Archstone Advisory Management LLC
Sub-Adviser(s): None
Fees: 1.2% up to (and including) $1B; 1.1% over $1B and up to (and including) $5B; 1.0% over $5B.
Open- or Closed-End: Closed-End (Possible quarterly repurchase of up to 20%)
Investor Restrictions: Accredited investor
Filing Date: March 19, 2015
Effective Date: Pending
   
Fund Name: Tekla World Healthcare Fund
Adviser: Tekla Capital Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Repurchase at least annually)
Investor Restrictions: None
Filing Date: March 10, 2015
Effective Date: Pending
   
Fund Name: TCW/Gargoyle Hedged Value Fund
Adviser: TCW Investment Management Company
Sub-Adviser(s): Gargoyle Investment Advisor LLC
Fees: 0.9% Annually
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: None
Filing Date: March 10, 2015
Effective Date: Pending
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April 6, 2015 | Permalink
In a letter to clients, BlackRock said it is considering closing or consolidating some money-market funds in order to comply with rules adopted by the SEC in July. The asset manager reportedly has about 50 money-market funds, and the changes will affect more than $200 billion in client assets and will leave it with about 30 funds.
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April 3, 2015 | Permalink
The market for alternative mutual funds continues to expand rapidly. Alternative mutual fund assets enjoyed double digit asset flow growth in 2014. There were also 12 new closed-end alternative filings in 2014. For 2014, 65% of investors said hedge funds met or exceeded their expectations. Not surprisingly, more than 25% of institutional investors plan to increase alternative allocations in 2015 and 40% of investment consultants plan to do the same.*

*Source, DailyAlts
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