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Alternative Market Briefing

Other Voices: The real impact of the JOBS Act

Monday, February 24, 2014

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Phil Niles
This article was authored by Phil Niles Head of CET - Americas at Mitsubishi UFJ Fund Services.

Back in June 2012, I published a piece outlining why the JOBS Act may have very little significance to the hedge fund industry. At the time, many industry commentators were already ushering in a marketing heyday for alternative investments and some envisioned a fundamental change in the way funds are marketed to investors, while I saw the landscape in a rather different light. I received more feedback from this article than any other I have written, split fairly evenly between two camps: "you’re exactly right" and "you’re out of your mind".

Regardless of which side of the fence you find yourself on, there can be no doubt that the legislation has the potential to be a game-changer. The long-term influence of the JOBS Act on the industry, by definition, remains to be seen and to be sure some investment managers have already begun to utilize the looser advertising standards to promote their brand. As the mutualization of the industry takes further shape, specifically through the increased use of structures like "40 Act" funds, direct marketing could become more prevalent.

That said, from even a cursory glance, we can already see the real impact of the JOBS Act. More than ever, hedge fund m......................

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