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Recent Paper Finds Size of Fund Industry Negatively Impacts Performance
A recent paper, Scale and Skill in Active Management, finds that as the mutual fund industry grows larger, it is more difficult for actively managed funds to outperform their benchmark indexes. The...
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SEC Seeks Comment on Analyses Related to Money Fund Reform
Yesterday, the SEC staff published certain analyses conducted by the SEC’s Division of Economic and Risk Analysis that have the “potential to be informative for evaluating final rule amendments for...
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Cyber-Security from the Board’s Perspective
E&Y has published a report aimed at informing boards about emerging cyber security risks and what those risks can mean to organizations. The report discusses the current state of senior...
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Measuring the Impact of Lifetime Income Estimates for Retirement Plans
A recent survey by the Employee Benefit Research Institute studied the response of defined contribution retirement plan participants to estimated monthly retirement income projections. The survey...
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Fund Litigation – Where Are We?
A recent Dechert article summarizes recent fund industry litigation. The article notes that due to the success of the industry in defending suits as well as the Supreme Court’s Decision in Janus...
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FSOC To Hold Conference on Asset Management
On March 28, the FSOC announced that it would host a conference on the “asset management industry and its activities” on May 19 in Washington, DC. According to the press release announcing the event,...
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FINRA Survey Finds Millenials Lack Financial Literacy
A survey by the FINRA Investor Education Foundation found that millenials (those born between 1978 and 1994) “display a number of problematic financial behaviors, display low levels of financial...
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Team Management has Positive Effect on Fund Performance
A new academic paper examines the effects of team portfolio management on fund performance. The paper finds that funds managed by teams of portfolio managers have higher risk adjusted returns than...
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SEC Chair Reaffirms Commitment to Gatekeeper Enforcement
In a recent speech, SEC Chair Mary Jo White reiterated her commitment to enforcement as a “critical component” of the agency’s investor protection mission. In describing the SEC’s recent enforcement...
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Congress Critical of OFR Report
As we reported last Fall, reaction to an OFR report suggesting that the asset management industry poses systemic risks to the U.S. and global economic systems has been consistent and highly critical....
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OCIE Director Wary of Control Issues in Alternative Funds
In a recent speech, Director of the SEC’s Office of Compliance Inspections and Examinations, Andrew Bowden, asked the audience to be especially cautious when offering new products, making sure that...
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NY Attorney General Calls for Reform to Reign in High Frequency Traders
At a recent event at the NYU Law School, New York Attorney General Eric Schneiderman called for reforms to stop practices that “give elite groups of traders access to market-making information at the...
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E&Y Survey on Investment Operations Finds Similarities Among Managers
Ernst & Young recently released the results of a survey on asset management investment operations. The survey compiles responses from 40 leading global asset managers headquartered in the US and...
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Report on Corporate Succession Planning Finds Companies Aren’t Doing Enough
David Larcker, a professor at the Graduate School of Business at Stanford University, and Scott Saslow, the founder and CEO of the Institute of Executive Development published a report looking at...
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Division Priorities 2014
In a recent speech, the SEC’s Deputy Director of the Division of Investment Management, David Grim, outlined the Division’s progress on several key issues. The areas discussed were as follows:Target...
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ICI Letter Opposes SIFI Designation for Funds
The ICI recently submitted comments to the Financial Stability Board (FSB) on its proposed assessment methodologies for identifying non-bank non-insurer global SIFIs, specifically opposing the...
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OCIE Provides Additional Information on Cybersecurity Exam Initiative
The SEC’s Office of Compliance Inspections and Examinations (OCIE) recently issued a risk alert to provide further information about its cybersecurity exam initiative. The exams of 50 registered...
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SEC Commissioner Aguilar Calls for Larger Commission Role in FSOC
In a speech at the Mutual Fund Directors Forum’s annual Policy Conference, SEC Commissioner Aguilar criticized the FSOC and OFR for undercutting the Commission’s role in regulating the mutual fund...
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Congress Asks For Greater FSOC Transparency
On April 9, 2014, a bi-partisan group of 41 members of Congress wrote FSOC Chairman Jacob Lew, asking for greater transparency in the FSOC’s evaluation of the asset management industry. The letter...
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DC Circuit Rejects SEC Rule on “Conflict Minerals”
The DC Circuit rejected the SEC’s rule requiring companies to disclose whether their products contain minerals from the Congo. The rule arose out of the Dodd-Frank Act which directed the SEC to issue...
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