WASHINGTON, D.C.— In response to the U.S. Securities and Exchange Commission (SEC) noticing an open meeting on August 23 to discuss adoption of the Private Fund Adviser proposal, Managed Funds Association (MFA) issued the following statement from Bryan Corbett, MFA President and CEO:
“The proposed Private Fund Adviser rule would be harmful to alternative asset managers and their investors. It would increase costs, reduce investment options, and make it more challenging for pensions, foundations, and endowments to diversify their portfolios and achieve their desired returns. More troubling, the SEC proposed these sweeping changes in a way that exceeded its statutory authority and lacked sufficient analysis of the impact of the rule on investors and markets. MFA will review the final rule and consider our full range of options to respond to the rulemaking, including potential litigation.”—Bryan Corbett, MFA President and CEO
About the Global Alternative Asset Management Industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $4 trillion (Q4 2022). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About Managed Funds Association
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 170 member firms, including traditional hedge funds, credit funds, and crossover funds, that collectively manage nearly $2.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.