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Alternative Market Briefing

First study of impact of Dodd-Frank suggests hedge funds are adapting well

Tuesday, October 16, 2012

Beverly Chandler, Opalesque London: It comes with a big warning, but an empirical study entitled 'Hedge Fund Manager Registration Under the Dodd-Frank Act’ by Wulf A. Kaal from the University of St. Thomas, Minnesota’s School of Law, finds that despite concern, most hedge funds are adapting well to the new requirements of Dodd-Frank.

"Future studies are needed to determine if the long-term impact of the Dodd-Frank Act is as moderate as this study suggests," the paper says as it is too early to measure undeterminable opportunity costs because of distraction from core fund management, and also what costs might be passed to investors in the form of fees.

As Kaal and his team notes, for the last three decades, the SEC has repeatedly yet unsuccessfully attempted to register hedge fund managers. "Resolving the tension between the industry and regulators regarding the appropriate level of regulatory oversight, the Dodd-Frank Act mandates hedge fund adviser registration as well as increased record-keeping and disclosure". Designed to provide guidance for policy makers, Kaal’s initial paper presents the results of the first survey study after the SEC’s registration effective date, March 30, 2012.

For the study, the author and a team of four research assistants contacted a population of 1,264 private fund advisers that registered with the SEC before the registration effective date. "The e......................

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