The 'US Hedge Fund Services 2015' special report comprises 10 separate articles listed below, these can be read individually or as a sequence.
Managers need more support as regulation heats up
Managers need more support as regulation heats up
Recently, the SEC proposed several amendments to Form ADV. Generally speaking, these amendments would require registered investment advisers to disclose information regarding their separately managed accounts, including assets under management and information related to the use of derivatives and borrowings.
Next stage of evolution in the ’40 Act marketplace
Next stage of evolution in the ’40 Act marketplace
Servicing approximately 113 liquid alternative funds that operate under the '40 Act banner, U.S. Bancorp Fund Services (`UBSFS') is ideally positioned to understand the complexities of administration and compliance involved in with these vehicles. USBFS opened its doors in 1969 and since that time, the firm has been servicing these funds for over 20 years; although, back in the 1990s the term "liquid alternative" didn't exist.
Independent directors and the split board saga
Independent directors and the split board saga
Geoff Ruddick (pictured), an independent fund director and head of funds for International Management Services, sheds some light on the topical subject of ‘Split Boards’ – engaging independent directors from different fiduciary firms.
Acquisition creates bigger landing pad for managers
Acquisition creates bigger landing pad for managers
2015 has been a big year for Concept Capital Markets, LLC. Earlier this year, the firm entered into an agreement to be acquired by Cowen Group, a leading growth investment bank and alternative investment manager with a heritage dating back to 1918.
Tax implications of trading swaps with prime brokers
Tax implications of trading swaps with prime brokers
There are some early signs that the effects of Basel 3 are changing the way that hedge funds do business with their prime brokers. In today's new reality, primes are becoming more prescriptive over how the bank's balance sheet is being utilised to support clients' trades. To mitigate the costs of trading physical securities, some managers are beginning to use more synthetic instruments.
Short-term activism could wane once rates start to rise
Short-term activism could wane once rates start to rise
The US has seen a real resurgence in activism over the last couple of years. Last year, for example, there were 247 activist campaigns; the highest number since 2008 when 284 were recorded according to FactSet data.
A new way of accessing Europe’s EUR19trn market
A new way of accessing Europe’s EUR19trn market
When AIFMD was introduced into European law two years ago, it set a new benchmark globally for fund governance. This shut out the majority of US hedge funds from marketing to a significant number of European investors.
Taking away the AIFMD burden
Taking away the AIFMD burden
For US-based hedge fund managers that already have a presence in Europe – and are confident they can meet the AIFMD's substance and reporting requirements – it makes sense to apply for AIFM authorisation. But what about US managers with European investors but no European presence? Or US managers with no current European investors, but the desire to expand into Europe in the future? Maitland can assist.
How to generate regulatory alpha
How to generate regulatory alpha
The recent swathe of regulation has meant that managers face an incredible drain on internal resources, leading to increased headcount, increased operating costs, and distraction from core competencies.
Ruling curbs ability to prosecute insider trading
Ruling curbs ability to prosecute insider trading
In December 2014, the US Court of Appeals for the Second Circuit handed down a landmark insider trading decision in United States v. Newman. This decision seemingly curbed the Government's ability to prosecute insider trading cases by increasing the Government's burden of proof.