Fund of Hedge Funds SEC
SEC Reportedly Looking into Fund of Hedge Funds
The Securities and Exchange Commission is examining whether firms that collect fees for funneling investors into hedge funds are properly overseeing client money and dealing with potential conflicts of interest, people familiar with the matter said.
The inquiry has identified about a dozen investment-advisory firms for questioning but could expand, according to people familiar with the matter, making it one of the SEC's broadest examinations ever of funds of hedge funds and advisers specializing in hedge funds.
According to documents reviewed by The Wall Street Journal, the inquiry is a "sweep exam" by the SEC's Office of Compliance Inspections and Examinations. That office's responsibilities include identifying fraud and other securities-law violations in investment firms, securities exchanges and Wall Street brokerage firms.
The sweep also could include alternative-investment advisers focused on private equity and other registered advisers catering to pension funds, people familiar with the situation said. Source
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