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Fund advisers must prepare for regulatory changes, says Kinetic

Kinetic Partners, a global professional services firm focused exclusively on the asset management industry, has emphasised the need for hedge fund and private equity fund advisers to take immediate action to prepare for the impending regulatory changes.

“Our survey of unregistered hedge fund and private equity fund advisers shows that as many as two-thirds have not taken the advanced steps necessary to prepare for registration. Firms need to act now in order to comply with the stricter set of rules to come, related to disclosure, infrastructure, compliance, reporting, policies and procedures,” says Neil Morris, a member at Kinetic Partners’ New York office.

This month, the House Financial Services Committee announced bipartisan support for the Private Fund Investment Advisers Registration Act of 2009, a bill sponsored by Rep. Paul Kanjorski, that will require hedge fund advisers operating in the US (and abroad, depending on their US client base) to register with and be supervised by the Securities and Exchange Commission.

In addition, the Alternative Investment Management Association announced its support for registration and government supervision of hedge funds in a news release issued 3 November 2009.

“Many hedge fund advisers who have registered with the SEC in the past have done so voluntarily; however, if the new bill passes, registration will no longer be optional. The House is expected to vote on the bill in early December before it is sent to the Senate. This process will allow for further revisions to be made to the bill; in the meantime, Aima and other groups in the industry will continue to work with policymakers to address several areas where they feel the bill can be improved before it is passed into law,” says Christopher Lombardy, a member at Kinetic Partners’ New York office.

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