SEC slams private fund advisor fees and disclosure failures
Posted onAuthorJoshua R. ArnoldComments Off on SEC slams private fund advisor fees and disclosure failures
By Al Barbarino (January 27, 2022, 8:01 PM EST) – The U.S. Securities and Exchange Commission on Thursday highlighted a list of failures it says were committed by private fund advisers over a period of five-year review, including botched fee calculations, overcharging and a host of disclosure failures.
Alleged violations included failure to follow fee practices described in fund disclosures, misleading performance and marketing disclosures, and insufficient due diligence when finding new private funds to invest in.
“This risk alert is intended to help private fund advisers review and improve their compliance programs, and also provide investors with information about private fund adviser shortcomings,” the agency said.
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