The CFA Institute’s release of the Guidance Statement for OCIO Portfolios marks a pivotal moment for firms managing outsourced chief investment officer (OCIO) mandates. This is a timely and necessary evolution—one that brings clarity, structure, and comparability to a rapidly growing segment of the investment industry.
This article…more
The SEC’s Marketing Rule (Rule 206(4)-1) requires any presentation of gross performance to be accompanied by net performance and presented with at least equal prominence to gross performance calculated using the same methodology over the same time period.
On March 19, 2025, the SEC updated its frequently…more
On August 6, 2024, the CFA Institute released its much-anticipated industry survey report on the SEC Marketing Rule Compliance Practices. The survey, which was conducted by the CFA Institute United States Investment Performance Committee (USIPC) in conjunction with the Investment Advisors Association (IAA), solicited feedback from 189 firms in…more
On Wednesday, June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit sided with a group of trade associations and vacated the SEC’s Private Fund Advisers Rule, which was adopted in August 2023.
This rule aimed to provide more protections and transparency to investors and enhance…more
Jennifer Kreischer, Director, Audit & Accounting and a member of Kreischer Miller’s Investment Industry Group, is a frequent speaker on the key levers that investment firms can use to drive value in their businesses. Here is a summary of a recent presentation she gave on this topic.
Investment News…more
As we approach the one-year anniversary of when firms were required to adopt the SEC Marketing Rule, we have a better understanding of the rule and its impact on GIPS-compliant firms. One of the areas we’ve seen where firms have had to make changes to their policies…more
Operational Due Diligence (ODD) is a bespoke, continuous, and iterative process of assessing an investment manager’s operational risks across all public and private market asset classes.
More directly, ODD aims to arm investors with the information they need to answer fundamental questions, such as 1) are my assets safeguarded…more
On August 23, 2023 the U.S. Securities and Exchange Commission (SEC) issued a trifecta of rules and alerts that impact the investment industry, including private funds and broker-dealers.
Regulation of Private Fund Advisors
The long-awaited adoption of new rules and rule amendments to enhance the regulation of…more
A family office – a private wealth management firm set up to manage one or more high-net-worth families’ investment and financial needs – is typically responsible for personalized investment management services. This may include managing a diversified set of securities, including funds, across a variety of asset classes. Investment objectives…more
As a business owner, you understand the importance of complying with relevant laws, regulations, and standards. Whether it is financial reporting requirements or industry-specific regulations, maintaining compliance is crucial to avoid unnecessary headaches and costly penalties.
Having a competent auditor who can provide an objective and comprehensive review of…more