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Alternative Market Briefing

1,504 hedge fund advisers have registered with SEC since passage of Dodd-Frank

Monday, October 22, 2012

From Precy Dumlao, Opalesque Asia – The U.S. Securities and Exchange Commission (SEC) reported on Friday that the number of advisers to hedge funds and other private funds that have registered with the agency since the Dodd-Frank Act required mandatory registration in 2010, has reached 1,504.

This brings the total number of advisers to one or more private funds who are now registered with the SEC to 4,061, including the 2,557 advisers who had previously registered.

SEC Chairman Mary L. Schapiro said in a statement, "Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn’t know how big the pie even was. The law enables regulators to better protect investors by providing a more comprehensive view of who’s out there and what they’re doing."

A total of 11,002 investment advisers now are SEC-registered, with 37% advising hedge funds and other private funds, according to the SEC statement. AuM at SEC-registered advisers has risen about $5.7tln, or 13%, even though the number of advisers fell about 15% as the Dodd-Frank Act required mid-sized advisers to move from federal to state oversight. Following this latter requirement, to date, more than 2,300 mid-sized advisers – those managing less than $100m of assets – have made the transition to state regulation.

The SEC issued a notice identifying 293 advisers who may no longer be eligible for registration with the SEC because ......................

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