July 2015


July 30, 2015 | Permalink
Despite the rapid growth in both interest and investments in liquid alternative funds, the products remain scarce in many 401(k) offerings. However, Blackstone and other fund managers are looking to change that by convincing 401(k) plan operators to include liquid alts among the options offered to investors. These retirement savings plans manage a combined $4.4 trillion and represent a significant untapped market for the industry.
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Blackstone champions hedge funds for the little guy - Reuters
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July 30, 2015 | Permalink
Fund Name: Ivy Apollo Strategic Income Fund
Adviser: Ivy Investment Management Company
Sub-Adviser(s): Apollo Credit Management LLC
Fees: 0.68% of net assets up to $1 billion; 0.62% of net assets over $1 billion and up to $2 billion; 0.58% of net assets over $2 billion and up to $3 billion; and 0.57% of net assets over $3 billion.
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $750 minimum initial investment.
Filing Date: July 17, 2015
Effective Date: Oct. 1, 2015
   
Fund Name: Ivy Apollo Multi-Asset Income Fund
Adviser: Ivy Investment Management Company
Sub-Adviser(s): Apollo Credit Management LLC
Fees: 0.70% of net assets up to $1 billion; 0.65% of net assets over $1 billion and up to $2 billion; 0.61% of net assets over $2 billion and up to $3 billion; and 0.58% of net assets over $3 billion.
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $750 minimum initial investment.
Filing Date: July 17, 2015
Effective Date: Oct. 1, 2015
   
Fund Name: TCW/Carlyle Liquid Tactical Fund
Adviser: TCW Investment Management Company
Sub-Adviser(s): Carlyle Liquid Market Solutions
Fees: Not Specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: None
Filing Date: July 16, 2015
Effective Date: Sept. 29, 2015
   
Fund Name: TCW/Carlyle Trend Following Fund
Adviser: TCW Investment Management Company
Sub-Adviser(s): Carlyle Liquid Market Solutions
Fees: Not Specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: None
Filing Date: July 16, 2015
Effective Date: Sept. 29, 2015
   
Fund Name: TCW/Carlyle Absolute Return Fund
Adviser: TCW Investment Management Company
Sub-Adviser(s): Carlyle Liquid Market Solutions
Fees: Not Specified
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: None
Filing Date: July 16, 2015
Effective Date: Sept. 29, 2015
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July 28, 2015 | Permalink
Catalyst Funds, a liquid alternative mutual fund firm with offices in Omaha, Neb. and New York, acquired Chicago-based hedge fund firm Auctos Capital Management. As a result, Auctos' managed futures hedge fund strategy will be converted into a mutual fund, effective July 31. Auctos' separately managed accounts business will continue to operate under the Auctos brand as a subsidiary of Catalyst.
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July 24, 2015 | Permalink
Eileen T. Flaherty will join the CFTC as director of the Division of Swap Dealer and Intermediary Oversight. She previously served as the global head of compliance and financial crime prevention for Newedge, as well as Americas general counsel. She also served in senior legal and compliance positions with Fimat, Aubrey G. Lanston & Co., DRW Holdings, the Chicago Mercantile Exchange and the National Futures Association.
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July 21, 2015 | Permalink
Following the rise in popularity of liquid alternative funds, some hedge funds - including Apollo Global Management and Oaktree Capital Management - are betting some aren't as liquid as they appear. Fueled by concerns that the junk bonds, bank loans and other investments held by some of these funds will be extremely hard to sell if interest rates rise or the market worsens, causing losses for investors, the hedge funds are buying credit-default swaps that benefit if the junk bonds fall. In addition to the investments themselves, some on Wall Street predict a rush to sell off the liquid alt stakes if their performance slows, since they have been largely marketed to less experienced mainstream investors, who may be less familiar with alternative products.
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July 20, 2015 | Permalink
Apollo Global Management and Ivy Investment Management, a unit of Waddell & Reed Financial, are partnering to offer two alternative mutual funds. The strategic income fund and multi-asset income funds will each allocate about 20% of their assets to an Apollo-run total return strategy. Apollo co-founder Leon Black said the funds reflect the firm's increasing focus on attracting individual investors.
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July 16, 2015 | Permalink
Fund Name: Guggenheim Global Equity 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 (Periodic repurchase)
Investor Restrictions: Minimum investment of 100 common shares
Filing Date: July 2, 2015
Effective Date: Pending
   
Fund Name: Cushing MLP Infrastructure Master Fund
Adviser: Cushing Asset Management LP
Sub-Adviser(s): None
Fees: 1% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Accredited investors
Filing Date: June 30, 2015
Effective Date: Pending
   
Fund Name: RiverNorth Marketplace Lending Corp.
Adviser: RiverNorth Capital Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: None specified
Filing Date: June 11, 2015
Effective Date: Pending
   
Fund Name: Ramius Archview Event Credit Feeder Fund
Adviser: Ramius Advisors LLC
Sub-Adviser(s): Archview Investment Group LP
Fees: 1.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $25,000 minimum initial investment; $10,000 minimum subsequent additional investment. Qualified investors only.
Filing Date: June 5, 2015
Effective Date: Pending
   
Fund Name: RiverNorth Multi-Strategy Arbitrage Fund
Adviser: RiverNorth Capital Management LLC (Closed-End Fund Arbitrage Strategy)
Sub-Adviser(s): Vivaldi Asset Management LLC (Merger Arbitrage Strategy) and Linden Advisors LP (Convertible/Credit Strategy)
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: None specified
Filing Date: May 28, 2015
Effective Date: Pending
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July 15, 2015 | Permalink
Massachusetts Secretary of the Commonwealth William Galvin is investigating state-registered financial advisors' recommendations and sales of 25 alternative mutual funds, which he said "can be accidents waiting to happen when they are sold to investors who do not understand the risks and downside associated with the product." The Massachusetts Securities Division sent subpoenas to the advisory firms related to "recommendations to retail clients" regarding funds from BlackRock, JPMorgan Chase, Wells Fargo, MainStay Investments and Hatteras Funds. The request includes documents related to the supervision of the investment advisors' recommendations, as well as the compliance and training involved in offering such advice. The advisory firms involved weren't identified and Galvin's office stated that "being included on the list is not an indication of wrongdoing at this time." Last year, the SEC launched its own investigation of alternative mutual funds.
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July 13, 2015 | Permalink
According to a survey by consultant Towers Watson, alternative money managers such as real estate funds, hedge and private equity funds added $600 billion in assets last year as institutions poured in cash to diversify their portfolios. Total assets under management of alternative asset managers stood at $6.3 trillion at the end of 2014, the survey showed. The top 100 alternative asset managers held $3.5 trillion in assets, up from $3.27 in 2013. Hedge funds and private equity fund managers accounted for 23% and 22% of the assets managed by the top money managers, respectively. Private equity funds of funds accounted for 10% at $342 billion AUM, followed by funds of hedge funds at 5% and $214 billion AUM.
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July 13, 2015 | Permalink
A survey (reg. req.) by Morningstar and Barron's on alternative investments found financial advisers are becoming increasingly enthusiastic about the asset class just as U.S. institutions are becoming more cautious due to the high fees and poor transparency of traditional hedge funds. However, both advisors and institutional investors expressed continued enthusiasm for multi-alternative, managed futures and long-short equity mutual fund strategies, which could bolster demand for these categories in the future. Other findings of the survey include:
  • Some 45% of institutions said alternatives were "somewhat less important" or "much less important" than traditional investments, compared to 28% the year before.
  • Around 71% of institutions and 66% of financial advisers showed either skeptical or unfavourable attitudes toward investing in nontraded REITs.

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July 13, 2015 | Permalink
In response to their growing popularity after a six-year bull market for stocks, Morgan Stanley Wealth Management offered an investment primer on alternative mutual funds. Since the funds expand the accessibility of alternatives to a broader audience, the investment giant cited the need for greater education regarding their benefits and limitations compared to traditional hedge funds. The document outlines the reasons for the products' increased popularity and offers advice for selecting the correct investment vehicle, strategy and manager. "We anticipate the roster of approved alternative mutual fund managers will continue to grow as we expect more skilled managers will adapt their strategies for mutual funds," it concludes.
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July 2, 2015 | Permalink
Fund Name: Cushing MLP Infrastructure Master Fund
Adviser: Cushing Asset Management, LP
Sub-Adviser(s): None
Fees: 1.00% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: Accredited investors
Filing Date: June 30, 2015
Effective Date: Pending
   
Fund Name: RiverNorth Marketplace Lending Corp.
Adviser: RiverNorth Capital Management LLC
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment not specified
Filing Date: June 11, 2015
Effective Date: Pending
   
Fund Name: Ramius Archview Event Credit Feeder Fund
Adviser: Ramius Advisors LLC
Sub-Adviser(s): Archview Investment Group LP
Fees: 1.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $25,000 minimum initial investment; $10,000 minimum subsequent additional investment. Qualified investors only.
Filing Date: June 5, 2015
Effective Date: Pending
   
Fund Name: RiverNorth Multi-Strategy Arbitrage Fund
Adviser: RiverNorth Capital Management LLC (Closed-End Fund Arbitrage Strategy)
Sub-Adviser(s): Vivaldi Asset Management LLC (Merger Arbitrage Strategy) and Linden Advisors LP (Convertible/Credit Strategy)
Fees: Not specified
Open- or Closed-End: Closed-End (Exchange traded)
Investor Restrictions: Minimum investment not specified
Filing Date: May 28, 2015
Effective Date: Pending
   
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
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