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Alternative Market Briefing

When the SEC calls, fund managers need to get out of their own way

Wednesday, September 02, 2015

Bailey McCann, Opalesque New York:

New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements.

Citi one of the biggest players in the hedge fund space had to pay a $180 million fine as part of a settlement over two hedge funds that ended up going out of business during the crisis. On the private equity side, mega-firms like KKR are now faced with settlement fines for failing to be transparent about fees and overcharging investors. All of this is unlikely to cool off anytime soon.

Opalesque spoke with Ron Geffner a former SEC attorney, and now Partner at Sadis and Goldberg about what investment managers can do if they find themselves subject to an SEC violation. He says one of the biggest things for managers to remember is that they need to get out of their own way.

"In the event of a notice from the SEC, managers should see their outside counsel immediately, and they should also engage the in-house compliance and risk teams to make sure everyone is on the same page."

Geffner and his partners have noticed how the SEC is becoming ......................

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