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Komfie Manalo, Opalesque Asia: Total regulatory actions taken by the Securities and Exchange Commission (SEC) against alternative assets and hedge fund managers grew 32% from a year ago, according to the latest Convergence Q3 2016 update on the Alternative Asset Management Industry.
From September 2015 to September 2016, the number of criminal, civil and regulatory actions reported by fund managers increased by 14%, 27% and 35%, respectively. The SEC has made it quite clear that they will continue their efforts to review more advisors, the report said.
Convergence said, "The Industry’s eyes have been blackened this quarter with major enforcement actions concluded with some of the industry’s bell-weather firms. Apollo Global Management agreed to a $50m settlement, without admitting guilt, for failing to advise investors that it planned to accelerate portfolio company monitoring fees, Och-Ziff agreed to fines and penalties of $400m for what is described as pay-to-play schemes and bribery of African officials and most recently Omega Advisors was accused by the SEC of insider trading."
While these high-profile names generate significant buzz in the industry and concern among investors, they do not seem to keep investors from investing in alternatives, Covergence added.
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