With three weeks to go until MiFID II takes effect, this article shines a light on 4 of the issues our hedge fund clients tell us are exercising them most: Research unbundling Telephone taping Transaction reporting LEIs References in this article to “MiFID II” include the MiFID II Directive (2014/65/EU), the Markets in Financial Instruments…
To see a breakdown of what “restrictive covenants” are view our recent article: Restrictive covenants: Management non-competes. For all the transformation that the internet has wrought across the business of investing, alternative asset management is still very much a “people” business. When investors subscribe capital to a fund, for instance, they are effectively backing the…
Film and television EIS investments have never been more popular. Out of the whole universe of tax-advantaged EIS products reviewed by MJ Hudson, media accounts for 28% of the total. But some investors remain wary, put off by not understanding the journey each pound they invest goes on before it comes back as a return…
In the age of the internet, no investment management firm can expect to get very far without its own website. The website is a virtual storefront: a place to build brand identity, communicate with clients and market to them, all rolled into one. But it also exposes the fund manager to significant legal risks. Here…
Overdue and much anticipated, the FCA issued its Interim Report on the Asset Management Market (Report) on 18 November. The FCA identified a series of issues and proposed a number of fixes, including recommendations aimed at enhancing transparency around fees, charges and fund governance. Private equity funds were not within the scope of its study,…
As the private equity sector has grown in leaps and bounds over the past two decades, placement agents have followed in its wake. They are now a common enough sight: according to a recent Preqin survey, more than half of the GPs closing funds in 2016 used a placement agent. In the early years of…
The full impact of Brexit for the alternative funds sector will not be known for some time. But in this article we argue that UK, EU and non-EU alternative fund managers are unlikely to be significantly adversely affected and that even in a worst case scenario there will be relatively straightforward work-arounds. Managers are understandably…
The UK goes to the polls on its EU membership in just over three weeks. If Brexit happens, what can the private equity industry expect? The situation today The UK private equity industry is the largest in Europe and an important component of the UK’s financial services sector. Like banks and other asset managers, most…
Smaller and newer fund managers often find it easier to sign on with a regulatory incubator or umbrella as an Appointed Representative (AR), rather than become FCA-authorised in their own right. This article considers the pros and cons of AR status, including the prohibition on ARs from undertaking the management of investments: a function that…
This article looks at the pros and cons of managed accounts for private equity investors and managers, and examines parallels to the hedge fund industry, where they have been part of the landscape for much longer. Separately managed accounts (SMAs), long an established feature of the hedge fund world, have been gaining in popularity with…
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