Pursuant to both AIMA’s Guide to Sound Practices for Hedge Fund Valuation and AIFMD, the Manager of a Fund-of-Funds (“FoF”) is required to ensure that appropriate and consistent procedures are in place for the valuation of Fund assets on at least an annual basis. Best practice and regulations relating to…

Andrew Smith releases article discussing Investor Demands are Driving Valuation Best Practices and Transparency Investors have clearly signaled that they will invest only with fund managers that have implemented valuation best practices and are providing adequate transparency and disclosures. This trend will only grow stronger as regulators, auditors, fund administrators,…

With the Alternative Investment Fund Managers Directive (“AIFMD”) having entered into force on July 22, 2013, Alternative Investment Fund Managers (“Managers”) are now responsible for establishing and maintaining appropriate procedures concerning the valuation of assets in the Alternative Investment Fund (“Fund”). In addition, written valuation policies and procedures must be…

SEC Enforcement Action Against Former Oppenheimer Manager On August 20, 2013, Federal securities regulators accused Brian Williamson, a former portfolio manager at Oppenheimer & Company (“Oppenheimer”), of misleading investors about the performance of a private equity fund-of-funds. These allegations follow on the heels of an announcement in March of 2013…

What is the AIFMD? The Alternative Investment Fund Managers Directive (“Directive”) became effective by European Union (“EU”) member states on July 22, 2013. The Directive introduces a new system for the marketing of alternative investment funds (“Fund”) in the EU and creates a legal framework to monitor and supervise alternative…