Opinion: Proposed hedge fund tax would harm Conn. | Hedge fund positions increasingly against retail stocks | Chinese shadow-bank lending up $109B in March
April 20, 2017
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Opinion: Proposed hedge fund tax would harm Conn.
A proposal for a 19% tax on hedge funds and other managed investments could prompt managers to exit Connecticut, according to the Hartford Courant's editorial board. Reduced collection of income and sales tax likely would outweigh revenue raised by the surcharge, the board writes.
The Hartford Courant (Conn.) (4/18) 
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Hedge fund positions increasingly against retail stocks
Hedge funds' average short interest for traditional retailers has reached a level not seen since late 2008, according to Bespoke Investment Group. The shift occurs as consumer spending favors online retailers.
CNBC/Reuters (4/17) 
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Chinese shadow-bank lending up $109B in March
Off-balance-sheet lending in China increased $109 billion last month, according to the People's Bank of China. The central bank's moves to strengthen regulation and curb bond-market leverage have led borrowers, notably in real estate, to seek financing from alternative sources, including the shadow-banking sector.
Bloomberg (4/18) 
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Quant funds' strong performance sparks strategy expansion
Months of positive performance have led North American quantitative fund managers toward strategies beyond traditional price-pattern analysis, a Eurekahedge report says. Managers are increasingly using sentiment in making investment choices.
ValueWalk (4/19) 
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Survey: DC plan sponsors worry about litigation
One-fourth of defined-contribution plan consultants identify fiduciary-litigation risk as clients' greatest concern, according to a PIMCO survey. Meanwhile, 55% of respondents say sponsors should refrain from using funds that assess performance fees.
Institutional Investor online (4/17) 
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Regulation and Tax
Supreme Court may disagree with SEC on disgorgement
The Supreme Court is hearing a case that could end with the high court determining the Securities and Exchange Commission does not have the legal authority to force disgorgement of profits in cases that go back more than five years. The SEC argues that a statute of limitations does not apply to disgorgement -- its recovery remedy for illegal profits -- but questions by the justices suggest they do not agree.
Reuters (4/18) 
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Mnuchin aims to calm concerns about protectionism
Treasury Secretary Steven Mnuchin is trying to allay concerns that the Trump administration will pursue aggressively protectionist trade policy, particularly with regard to China.
Financial Times (tiered subscription model) (4/18) 
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Former official delivers critical assessment of SEC
Norm Champ, former director of the Securities and Exchange Commission's Division of Investment Management, has published a memoir offering an oft-critical account of his time at the regulator. Champ, a hedge fund lawyer, writes in "Going Public" that dysfunction and resistance to change were blamed for letting long-running illegal activity, such as Bernie Madoff's Ponzi scheme, go unchecked.
The Wall Street Journal (tiered subscription model) (4/16) 
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Volcker rule's namesake takes defiant stance
Former Federal Reserve Chairman Paul Volcker says the Dodd-Frank Act rule named after him might survive the Trump administration's move toward deregulation because it is simple and effective.
Financial Times (tiered subscription model) (4/17) 
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AIMA News
Private credit industry survey
The Alternative Credit Council, the private credit affiliate of AIMA, in conjunction with the law firm Dechert, has launched its third annual survey. Managers of private credit funds can complete the survey. The findings will underpin our third annual "Financing the Economy" report. Previous reports in this well-received series are available online. The final paper will help inform the ACC's advocacy work with policymakers and borrowers about the benefits of private credit. The survey is scheduled to remain open until the end of April. For more information, contact Jordan Large at AIMA.
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AIMA opens survey about next-gen managers
AIMA, in conjunction with Global Prime Partners, the prime brokerage boutique, is conducting a survey about the next generation of alternative investment managers -- defined as firms running less than $500 million in assets under management. The online questionnaire will help AIMA to understand better how these managers operate their business and position themselves for retaining and attracting capital, and the responses will form part of a wider report to be published in the summer. The survey opened Feb. 28 and is scheduled to close April 30.
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