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Jonathan White By Beverly Chandler, Opalesque London:

Concerns are rising that large hedge fund firms are not prepared for the potential arrival of the Form PF part of the Dodd Frank legislation. Jonathan White, head of business development and marketing at Viteos says: "Our concern is that with so few managers actively preparing for a January filing and only a handful of service providers committing to a solution, when our clients go into panic mode there will be a shortage of advisory and delivery services that can assist."

The legislation applies to registered advisors to private funds and commodity pool operators, with the major burden being to managers who have over $1 bn under management, including leverage. "Big firms have taken this seriously, understand what the requirements are and are formulating a plan of action" says White. The requirements involve a 44 page form to be filed within 15 days of quarter end and is not yet finalised. "People seem to expect the first filing date of January 2012 to be delayed but there is serious business risk in that assumption. If it’s not delayed I can’t imagine the SEC will accept lack of preparedness for a late filing."

For White, the problems stem from the initial requirement of information from 1900 different data points. "It’s going to be burdensome to say the least" he says. "If a manager knows about Form PF there is a tendency to say they have time to deal with it, but the challenge is that there is no one stop solution."

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