Introduction and Overview of 40 Act Liquid Alternative Funds (Citi)

July 2013

KEYWORDS: Liquidity, alternative investment, SEC, Securities and Exchange Commission, Investment Company Act, Securities Act of 1933, Securities Exchange Act of 1934, pooled investment vehicles, mutual funds, tax, investment adviser, NAV, fees, commodities, broker-dealer, long/short equity, prime broker, CTA, commodity trading advisor, controlled foreign corporation, futures commission merchant, FCM, ETFs, service providers, board of directors, 40 Act liquid alternative funds, hedge fund registration, marketing, redemption terms


Citi Prime Finance

  • Citi


This document is an introduction to ’40 Act funds for hedge fund managers exploring the possibilities available within the publically offered funds market in the United States. The document is not a comprehensive manual for the public funds market; instead, it is a primer for the purpose of introducing the different fund products and some of their high-level requirements. This document does not seek to provide any legal advice. We do not intend to provide any opinion in this document that could be considered legal advice by our team. We would advise all firms looking at these products to engage with a qualified law firm or outside general counsel to review the detailed implications of moving into the public markets and engaging with United States regulators of those markets.

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