Co-investment is an area that many institutional investors look for when investing with a fund manager. It’s generally a good deal for them because the investment is overseen by the fund manager without having to pay the fund management fee. Depending on the program, it may be a lesser fee or no fee. And of […]
Marc Wyatt had been on the job for 16 days as the Acting Director Office of Compliance Inspections and Examinations when he took his first shots at private fund managers. He took a shot directly at real estate fund managers and indirectly at other types of fund managers with vertical integration. The Speech While we […]
Handsome rich man from New England forced to take four-week vacation with supermodel wife. As a football fan, New England Patriots fan and a compliance professional, I can’t let the Wells Report and the punishment levied by the NFL pass without comment. There was a violation of the league rules and there should be punishment. […]
Private Equity Real Estate has released its ranking of the top 50 real estate private equity fund managers. As I have done in the past, I parsed the list to see which managers are registered with the Securities and Exchange Commission as investment advisers. (Disclosure: my company is on the list.) — Name of institution […]
This is not a question that you can answer without any background. Theoretically, a fund can directly pay a fund’s office expenses. It’s just that most investors do not expect to pay for a manager’s office expenses. Investors expect the management fee they pay to cover those expenses, with the rest as profit for the […]
Last year, the SEC raised a cloud of concern when it started its cybersecurity initiative aimed at broker/dealers, investment advisers and fund managers. Based on an interview last month it seems that initiative would continue into a phase 2. The SEC recently released its Cybersecurity Guidance that enunciates some steps investment advisers and fund managers […]
JPMorgan Chase & Co. has racked up more than $36 billion in legal bills since the financial crisis. The firm clearly has incentive to identify rogue employees before they go astray. According a story in Bloomberg, the firm is rolling out a new surveillance tool to identify potential rogue employees. I’m skeptical. I attended a […]
There is no explicit requirement that an adviser or fund manager have a disaster recovery plan. But any manager trying to fund-raise knows that investors will ask about its business continuity plan. The SEC sort of requires SEC registered investment advisers to have a business continuity plan. It’s an easy one to miss in Rule […]
In The Producers, Max Bialystock and Leo Bloom realize they can make more money with a flop than a hit. No one audits a flop and the fraudsters are free to flee with their investors’ money. According to the Securities and Exchange Commission, GC Resources, LLC and Brian J. Polito was trying to run a […]
Once you hear the words “inter-fund loans”, a compliance professional is going to sit up straight and be concerned. Anything “inter-fund” is an inherent conflict. That one fund is loaning another fund money is an indicator that something has gone wrong. Stilwell Value managed several private funds. According to the SEC order, the Stilwell funds […]
- Compliance Bricks and Mortar for May 29
- What is a “Voting Equity Security” under the Bad Actor Rule?
- Compliance and Co-Investment Allocation
- Compliance Bricks and Mortar for May 21
- Vertical Integration of Fund Manager and Related Party Expenses
- Brady, Footballs, and Tone at the Top
- Compliance Bricks and Mortar for May 15
- What To Expect From The SEC In The Year Ahead
- Ensuring Compliance in Your Marketing and Advertising Procedures
- Cybersecurity and Risk Management
Dodd-Frank’ed Real Estate
- Yes, the SEC Wants Real Estate Fund Managers to Register
- Are Real Estate Fund Managers Registered with the SEC?
- Are you an Investment Company?
- Real Estate Funds and the Investment Company Act
- Are you an Investment Adviser?
- Custody and Private Funds
- Private Equity Real Estate Top 50 – 2015 Edition of Who is Registered