July 2016


July 28, 2016 | Permalink
MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, entered into an agreement with Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners. MUFG Investor Services will acquire Rydex Fund Services, Guggenheim's 1940-Act mutual fund administration business. The transaction is expected to close in the fourth quarter of 2016. Financial details weren't made public.
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July 28, 2016 | Permalink
Fund Name: Federated Project & Trade Finance Tender Fund
Adviser: Federated Investment Management Company
Sub-Adviser(s): Federated Investors (UK) LLP
Fees: 0.50% management fee on the average daily value of the fund's total managed assets
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $500,000 minimum initial investment; $25,000 minimum subsequent investment
Filing Date: July 21, 2016
Effective Date: Pending
   
Fund Name: Pioneer ILS Bridge Fund
Adviser: Pioneer Investment Management Inc.
Sub-Adviser(s): None
Fees: Not specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $1 million minimum initial investment (per registered investment adviser or intermediary if made through an adviser or intermediary, or per individual investor if made directly)
Filing Date: July 15, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Custody Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TI) Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors; Qualified clients; $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
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July 21, 2016 | Permalink
At a recent meeting of the Treasury Department's Financial and Banking Information Infrastructure Committee, leaders of the SEC and the Commodity Futures Trading Commission reinforced the belief that the SEC will begin reviewing the consumer privacy and data protection practices at all publicly traded companies. According to the meeting synopsis, SEC Chairwoman Mary Jo White and CFTC Chairman Timothy Massad discussed their agencies' strategies for ensuring cyber resiliency in the financial sector. The SEC has recently publicly stated its concerns about cybersecurity and financial stability and the agency and the CFTC are expected to be more proactive about cybersecurity oversight, risk assessment and cyber examination in the coming weeks.
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July 18, 2016 | Permalink
A report by JPMorgan and consulting firm Oliver Wyman argues that blockchain technology presents an opportunity for asset managers to offer more sophisticated services to clients. The report said revenue opportunities will stem from improved data sources, greater liquidity and lower frictional costs fostered by blockchain. Asset managers will be able to serve clients in new ways, for instance through real-time reporting or alternate trading strategies. The study predicts blockchain adoption by asset managers will take place in three waves, the first of which will take shape between now and 2019. The last wave, during which the development of "critical infrastructure" around the technology will take place, is expected to occur between 2020 and 2030. The report said the current adoption wave will see the development of simple applications focused on data communication between network parties, while the second wave will give rise to systems used to store core transaction data. The study also noted that investment in blockchain startups has reached $300 million and continues to grow.
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July 14, 2016 | Permalink
Launched following the completion of the merger with the closed-end LMP Real Estate Income Fund, the open-end ClearBridge Real Estate Opportunities Fund is managed by Legg Mason, with sub-advisory services provided by its ClearBridge and Western Asset Management Company subsidiaries. The fund will invest up to 80% of assets in the securities of real estate entities, including investments in mortgage-backed securities, mortgages, loans, collateralized debt obligations, collateralized loan obligations and other asset-backed securities. Up to 25% will be invested in non-real estate debt instruments, including U.S. government bonds, preferred stock, convertible debt and corporate bonds.
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July 14, 2016 | Permalink
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Custody Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TE) - Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Certain U.S. tax-exempt entities that are accredited investors and qualified clients (as specified in filing); $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: NB Crossroads Private Markets Fund IV (TI) Client LLC
Adviser: Neuberger Berman Investment Advisers LLC
Sub-Adviser(s): NB Alternatives Advisers LLC
Fees: Master Fund pays 0.10% during the first 12 months following the Master Fund's commencement of operations; 0.55% beginning in year two through the end of year eight from the commencement of operations and then 0.30% for the remaining life of the Master Fund.
Open- or Closed-End: Closed-End (Feeder fund)
Investor Restrictions: Accredited investors; Qualified clients; $50,000 minimum capital commitment
Filing Date: July 13, 2016
Effective Date: Pending
   
Fund Name: RiverPark Commercial Real Estate Fund
Adviser: RiverPark Advisors LLC
Sub-Adviser(s): Talimco LLC
Fees: 0.65% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $100,000 minimum initial investment
Filing Date: July 11, 2016
Effective Date: Pending
   
Fund Name: RiverNorth/DoubleLine Strategic Opportunity Fund
Adviser: RiverNorth Capital Management LLC
Sub-Adviser(s): DoubleLine Capital LP
Fees: Not specified
Open- or Closed-End: Closed-End (To be NYSE listed)
Investor Restrictions: Not specified
Filing Date: July 1, 2016
Effective Date: Pending
   
Fund Name: CION Ares Diversified Credit Fund
Adviser: CION Ares Management LLC
Sub-Adviser(s): Unspecified entity affiliated with Ares Management LLC
Fees: 1.5% Management Fee; and Non-specified percentage of quarterly pre-incentive fee net investment income.
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $2,500 minimum initial investment (regular accounts); $1,000 minimum initial investment (retirement plan accounts)
Filing Date: June 30, 2016
Effective Date: Pending
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July 13, 2016 | Permalink
After requesting comment on potential changes in September 2015, the SEC adopted amendments to its rules of practice governing its administrative proceedings. Chair Mary Jo White said the changes provide additional opportunities to conduct depositions while also adding flexibility to the timelines for the proceedings, which have been the target of criticism and constitutional court challenges. The adopted final amendments:
  • Extend the potential length of the prehearing period from the current four months to a maximum of 10 months for the cases designated for the longest timelines;
  • Allow parties in the cases designated for the longest timelines the right to notice three depositions per side in single-respondent cases and five depositions per side in multi-respondent cases, and to request an additional two depositions;
  • Clarify the types of dispositive motions that may be filed at various stages of proceedings and the applicable procedures and legal standards for the motions; and
  • Make additional clarifying and conforming changes to other rules, including rules regarding the admissibility of certain types of evidence, expert disclosures and reports, the requirements for the contents of an answer, and procedures for appeals.
The SEC has increasingly prosecuted cases in front of administrative judges rather than federal court in recent years, partly due to enhanced powers included in Dodd-Frank.
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July 13, 2016 | Permalink
Boston-based investment management firm Windham Capital Management hired Richard Lindsey and Andrew Weisman, who will serve as co-heads of the Windham Liquid Alternatives group. The duo previously co-managed Risk Premia strategies at Janus Capital. Individually, Lindsey was president of Bear, Stearns Securities and Weisman served as CEO of WR Managed Accounts and managing director and chief portfolio manager for the Merrill Lynch Hedge Fund Development and Management Group.
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July 12, 2016 | Permalink
The SEC appointed three new members to its Investor Advisory Committee and reappointed five members whose terms recently expired. The new members are:
  • John Coates, professor of law and economics at Harvard Law School and research director of the Center on the Legal Profession;
  • Nancy LeaMond, EVP, chief advocacy and engagement officer, community, state and national affairs at AARP; and
  • Elisse Walter, former SEC chairman.
Reappointed to the committee are:
  • Stephen Holmes, general partner emeritus at InterWest Partners;
  • Barbara Roper, director of investor protection at Consumer Federation of America;
  • Kurt Schacht, managing director at CFA Institute;
  • Anne Sheehan, director of corporate governance at CalSTRS; and
  • Damon Silvers, director of policy and special counsel at AFL-CIO.
The committee was created under Dodd-Frank to advise the SEC on regulatory priorities, regulation of securities products, trading strategies, fee structures, disclosure effectiveness and initiatives to protect investors and promote investor confidence and the integrity of the U.S. securities markets.
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July 8, 2016 | Permalink
Franklin Templeton reported the highest outflows of any asset manager in Europe in 2016 with investors pulling over $13 billion from its funds since January. This added pressure to a company already being forced to cut staff to save costs. The fund house was the worst afflicted asset manager in Europe in May, when it registered $3.3 billion of outflows. Franklin Templeton was hurt by reduced investor interest in emerging market exposure over the past 12 months, although its clients pulled money from a wide range of its funds, according to Morningstar, the research firm. 
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July 7, 2016 | Permalink
Legg Mason acquired a majority stake in Financial Guard, an online wealth management and investment advice platform. The firm will operate as part of Legg Mason's alternative distribution strategies business, which focuses on combining technology with Legg Mason's investment affiliates' capabilities. The investment is part of Legg Mason's overall long-term strategy focused on creating choice for investors across investment capability, product and vehicle, and distribution. The transaction is expected to expand Financial Guard's access to financial institutions serving the needs of investors. Financial terms of the transaction were not disclosed.
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July 6, 2016 | Permalink
According to a survey conducted by Preqin after Britain voted to leave the EU, 7% of alternative asset managers are thinking about moving their operations outside of the U.K. and another 17% are unsure whether to change where they are based. London has long been the base of choice in Europe for most private equity firms and hedge funds. But if the U.K. leaves the EU without striking a deal to participate in the single market, asset managers could find it much more difficult to sell funds to investors on the continent. Preqin also found that nearly one-fifth of fund managers planned to reduce their investments in the U.K. over the next 12 months as a result of the referendum. Investors in the alternative industry have taken an even more pessimistic view, with 41% saying they will invest less in the U.K. over the next 12 months, compared with just 9% who plan to invest more.
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