More Private Fund Advisers Register than SEC Expected

From the great sources at IA Watch:

The numbers may not be final, but they’re close. Some 1,400 private fund advisers registered with the SEC by the first week of April, sources tell IA Watch. Owing for some stragglers, these appear to be what Dodd-Frank wrought by way of new advisers. They join some 2,600 private fund advisers that had elected to register long before the congressional mandate.

By last week, an additional 1,968 so-called exempt-reporting advisers had filed (IA Watch, June 27, 2011). These private fund advisers will have to update their subset of Form ADV questions annually. The agency expects more ERAs to file this month, bringing the total to about 2,000 by May.

The additional reporting growing out of Dodd-Frank and the financial crisis means the agency now has data on about 38,000 private funds, including feeder funds, the source states.

There are now more than 12,600 RIAs, although the agency expects about 2,600 of these to shimmy over to state registration by July (IA Watch, Dec. 12, 2011).