May 2015


May 21, 2015 | Permalink
Fund Name: Multi-Strategy Alternative Income Fund
Adviser: Lucia Capital Management
Sub-Adviser(s): None
Fees: 1.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment (Class A, L and C); $1 million minimum (Class I)
Filing Date: May 19, 2015
Effective Date: Pending
   
Fund Name: Guggenheim Energy & Income Fund
Adviser: Guggenheim Funds Investment Advisors LLC
Sub-Adviser(s): Guggenheim Partners Investment Management LLC
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Minimum investment of 25 common shares
Filing Date: May 15, 2015
Effective Date: Pending
   
Fund Name: Oppenheimer Global Multi-Asset Growth Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (Sub-sub-advisors: Cornerstone Real Estate Advisers LLC and OFI SteelPath Inc.)
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment for most share classes; $5 million minimum per account of Class I shares
Filing Date: May 1, 2015
Effective Date: Pending
   
Fund Name: Hays U.S. Opportunity Fund
Adviser: Hays Capital Management LLC
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $10,000 minimum (Class A, C, N shares), $1,000 for retirement accounts; $100,000 minimum (Class I shares), $5,000 for retirement accounts.
Filing Date: April 24, 2015
Effective Date: Pending
   
Fund Name: Hays Tactical Multi-Asset Fund
Adviser: Hays Capital Management LLC
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $10,000 minimum (Class A, C, N shares), $1,000 for retirement accounts; $100,000 minimum (Class I shares), $5,000 for retirement accounts.
Filing Date: April 24, 2015
Effective Date: Pending
read more
May 21, 2015 | Permalink
Wirehouse representatives increased their clients' total holdings in alternative investments up to $205 billion in 2014, from $172 billion in 2013, according to a Money Management Institute Dover Financial Research report. Holdings of liquid alternative mutual funds and ETFs increased 15% to reach $102 billion, which was more than double the overall industry growth rate of 7.3%. However, despite this increase the allocation to alternative products at the portfolio level remains between 5% and 10% for most wirehouse clients. This may indicate that more investors are adding alternatives to their portfolios, but alternatives still make up a relatively small portion of their overall holdings.
Link To Article read more
May 20, 2015 | Permalink
The SEC proposed rules, forms and amendments to modernize and enhance the reporting and disclosure of information by investment companies and investment advisers. The new rules would enhance the quality of information available to investors and would allow the SEC to more effectively collect and use the data. The proposals would enhance data reporting for mutual funds, ETFs and other registered investment companies. They also would require a new monthly portfolio reporting form (Form N-PORT) and a new annual reporting form (Form N-CEN) that would require census-type information. Additionally, the proposals would require enhanced and standardized disclosures in financial statements, and would permit mutual funds and other investment companies to provide shareholder reports by making them accessible on a website. The proposed amendments to the investment adviser registration and reporting form (Form ADV) would require investment advisers to provide additional information for the SEC and investors to better understand the risk profile of individual advisers and the industry.
Link To Article read more
May 19, 2015 | Permalink
Lona Nallengara, who was named chief of staff at the SEC in May 2013, will be leaving the agency at the end of June. Nallengara is the lead advisor to the chair on all issues involving the SEC, including policy development, rulemaking, strategy and management of the agency. He also serves as the SEC deputy to the Financial Stability Oversight Council and is the primary SEC liaison with other financial regulators. The SEC announced Andrew J. "Buddy" Donohue will succeed Nallengara as the agency's next chief of staff. He returns to the SEC after acting as director of the Division of Investment Management from May 2006 to November 2010, where he assisted in the development of regulations governing the asset management industry.
Link To Article read more
May 13, 2015 | Permalink
The White House said it opposes a bill drafted by Sen. Richard Shelby (R-Ala.), the head of the U.S. Senate Banking Committee, that would amend the Dodd-Frank bank reform passed in the wake of the U.S. financial crisis. A White House spokesperson said the bill is an example of Wall Street interests trying to weaken consumer, investor and taxpayer protections.
Related News:
Democrats reportedly planning alternative to Sen. Shelby's Dodd-Frank overhaul bill - Bloomberg
Link To Article read more
May 12, 2015 | Permalink
In an interpretive letter to Hartford Funds Distributors, FINRA conditionally allowed mutual fund distributors to use some related performance information in their communications with institutional investors, including registered broker-dealers and investment advisers. In the letter to Edward P. Macdonald of Hartford Funds Distributors, FINRA defined "related performance information" as the "actual performance of all separate or private accounts or funds that have (i) substantially similar investment policies, objectives, and strategies, and (ii) are currently managed or were previously managed by the same adviser or sub-adviser that manages the registered mutual fund that is the subject of an institutional communication." As a result, mutual fund and closed-end fund managers may now use such information in sales literature distributed exclusively to institutional investors, subject to various conditions, including that the material is clearly labeled "for use with institutions only, not for use with retail investors."
Link To Article read more
May 12, 2015 | Permalink
FINRA increased some of its financial penalties and unveiled stronger guidelines related to brokers and firms that violate securities rules or commit fraud. The group's National Adjudicatory Council increased the maximum suspension for brokers found to have recommended an unsuitable investment to two years, up from one. In addition, judges are now advised to "strongly consider" permanent suspensions from the securities industry in aggravated situations, whereas they are currently advised to "consider" that measure. In cases where brokers were negligent in serving their clients, the guidelines suggest a suspension of 31 days to two years in length. In addition, maximum monetary sanctions will be linked to the CPI, retroactive to 1998. For example, a maximum $10,000 sanction would become $14,600. FINRA barred 481 brokers and suspended 705 in 2014, up from 429 bars and 670 suspensions in 2013. The number of cases resolved dropped to 1,110 from 1,307 during the previous year.
Link To Article read more
May 12, 2015 | Permalink
Sen. Richard Shelby (R-Ala.), the head of the U.S. Senate Banking Committee, unveiled a bill designed to toughen oversight of the Fed and ease regulatory requirements on dozens of banks. In legislation that he calls a "work in progress," Shelby laid out ideas to make the Fed disclose more information about its monetary-policy decisions to Congress and free some lenders with less than $500 billion of assets from stringent capital requirements. While the bill is unlikely to win broad support in its current form, many of the proposals could intrigue Democrats who have previously backed some of the ideas. Getting the bill through Congress will set the tone for the remainder of Shelby's chairmanship, giving him an incentive to work with Sherrod Brown, the ranking Democrat on the banking panel, analysts said. The measure would have to change to win the backing of Brown, who called Shelby's proposals "a sprawling, industry wish list of Dodd-Frank rollbacks." The bill would mark the biggest revamp of the Dodd-Frank Act since its 2010 enactment.
Link To Article read more
May 8, 2015 | Permalink
David Grim, a 20-year veteran at the SEC, was tapped to serve as the head of the unit tasked with regulated asset managers, the agency said. The SEC's Division of Investment Management is in charge of writing rules for mutual funds, exchange-traded funds, hedge funds and private equity funds. Grim will serve as director at a time when the division is working to prepare a series of sweeping new rules for mutual funds and exchange-traded funds.
Link To Article read more
May 7, 2015 | Permalink
Fund Name: Oppenheimer Global Multi-Asset Growth Fund
Adviser: OFI Global Asset Management Inc.
Sub-Adviser(s): OppenheimerFunds Inc. (Sub-sub-advisors: Cornerstone Real Estate Advisers LLC and OFI SteelPath Inc.)
Fees: Not specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1,000 minimum initial investment for most share classes; $5 million minimum per account of Class I shares
Filing Date: May 1, 2015
Effective Date: Pending
   
Fund Name: Hays U.S. Opportunity Fund
Adviser: Hays Capital Management LLC
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Management investment company)
Investor Restrictions: $10,000 minimum (Class A, C, N shares), $1,000 for retirement accounts; $100,000 minimum (Class I shares), $5,000 for retirement accounts.
Filing Date: April 24, 2015
Effective Date: Pending
   
Fund Name: Hays Tactical Multi-Asset Fund
Adviser: Hays Capital Management LLC
Sub-Adviser(s): None
Fees: 0.85% Management Fee
Open- or Closed-End: Open-End (Management investment company)
Investor Restrictions: $10,000 minimum (Class A, C, N shares), $1,000 for retirement accounts; $100,000 minimum (Class I shares), $5,000 for retirement accounts.
Filing Date: April 24, 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
read more
May 4, 2015 | Permalink
Vanguard Group's Total Bond Market Index fund ended April with $117.3 billion in assets under management, surpassing Pacific Investment Management's Total Return fund, which reported assets of $110.4 billion. The Pimco fund had been the world's largest bond fund for almost 20 years and was more than $100 billion larger than its Vanguard counterpart one year ago. However, the latest results demonstrate the change in fortunes at Pimco, where faltering fund performance culminated in the departure of co-founder Bill Gross in 2014.
Link To Article read more