Wed, Jun 19, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
Industry Updates

Advisers to fund of funds must deliver audited financial statements to investors by June 30, 2011

Tuesday, June 07, 2011
In a client advisory from Sadis Goldberg, the firm advised clients that in order to avoid becoming subject to additional requirements under SEC Rule 206(4)-2 of the Investment Advisers Act of 1940 (the "Custody Rule"), advisers to "fund of funds" must distribute their fund's audited financial statements to investors within 180 days from the end of their fiscal year end. Advisers will need to deliver the audited financial statements by June 30, 2011, assuming a fiscal year end of December 31st. The SEC defines a "fund of funds" as a pooled investment vehicle that invests 10 percent or more of its total assets in other pooled investment vehicles that are not, and are not advised by, a related person of the pool, its general partner, or its adviser. In general, the audited financial statements must be prepared in accordance with GAAP.

Advisers that fail to distribute the audited financial statements by the required deadline will be deemed to have custody of investor assets under the Custody Rule and be subject to additional requirements, including, but not limited to, engaging an independent public accountant to perform a surprise audit before December 31, 2011.

If you have any questions concerning this Alert or if you would like to review any annual requirements, please contact Daniel G. Viola at 212.573.8038 or via email at dviola@sglawyers.com.

kb

Article link

What do you think?
   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. GAIM delegates hear fund of funds fees are increasingly discounted[more]

    Beverly Chandler, Opalesque London: Reporting from the GAIM conference in Monaco, CooConnect finds that funds of funds are taking action over their fees. The site writes: "Funds of funds have insist

  2. A bad week for Japan[more]

    Benedicte Gravrand, Opalesque Geneva: - The Japanese stock market got inflated by 80% in six months following Shinzo Abe’s appointment as Prime Minister in December 2012. Indeed, Abe almost immediately launched monetary policy, fiscal policy and economic growth strategies (two points of a three-poin

  3. Are we rotating yet? If we do, will it matter?[more]

    Bailey McCann, Opalesque New York: Market participants have long been looking for the "great rotation," out of fixed income, which has been in the works for several months according to some forecasters. Yet, inflows to both fixed income and equities have largely remained unchanged in any real way.

  4. Opalesque Roundtable: Intimate understanding of a company’s structure allows Akanthos’s Kao to be opportunistic[more]

    By Beverly Chandler, Opalesque London: The Opalesque 2013 West Coast Roundtable, sponsored by Sunrise Capital,

  5. A SQUARE 12 Sep 2011: Industry analysts expect a regional shift in demand for timber products, offering opportunities for investors in Asia specifically. The Africasia Sustainable Forestry Fund is a private equity vehicle aiming at acquiring standing plantations with a focus on South East Asia. The fund, the first out
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. Carlson
  2. Peak 6
  3. One William Street
  4. Securis
  5. Haymarket
  1. managed account
  2. ubs
  3. Ucits
  4. asia
  5. bridgewater