The Securities and Exchange Commission (SEC) has introduced new rules to address conflicts of interest when advisers offer investors the choice between selling or exchanging their interests in a private fund for interests in another vehicle managed by the adviser or related parties. In this piece, we explore the impacts of these new rules for investors and managers and highlight considerations for effective implementation.
Our initial assessment of the SEC's Private Fund Adviser Rule is that while there is less prohibition and more disclosure, it remains overly prescriptive. While some controversial aspects in the original proposal have been modified, the rule will bring significant changes to the regulation of Private Fund Advisers that may still fail to address the root of governance failures.
In the first of our Founder series podcasts, one of our newest Trustees Paula Volent (CIO of Rockefeller University) is joined by our Deputy Chair Luke Ellis (CEO of Man Group – one of the founders of the SBAI) to look back at how it all started and how the industry is evolving. They discuss the SBAI, where to find alpha, diversity and more.
Access for global institutional investors to Chinese onshore managers can be challenging. This memo provides guidance on the regulatory and practical differences between onshore China and offshore Hong Kong and Singapore for Chinese onshore managers looking to expand offshore.