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Monday, March 11, 2013

SEC Sweeps Alt Funds and 12b-1s

News summary by MFWire's editors

Prepare for the microscope.

Reuters reports that the SEC "plans to examine how the advisory industry pays mutual fund distributors, as well as broader trends and risks involving alternative funds."

The newswire reports that the SEC's Office of Compliance Inspections and Examinations Deputy Director, Andrew Bowden, said on Friday at an Investment Adviser Association conference in Arlington, Virginia that SEC examiners will kick off the first of two "sweeps" next week.

The first sweep will examine the different payments made to mutual fund distributors, including revenue-sharing, fees paid to industry conference sponsors and so-called "12b-1" fees, which are deducted from mutual funds to pay for fund promotion and other shareholder services.

Moreover, Reuters also reports that in addition to the sweep on distributor fees, Bowden said the SEC is planning a sweep on the $200 billion alternative fund industry, and how it is using certain private fund strategies in publicly-traded investments.

In an announcement last month on examination priorities in 2013, the SEC said it was looking more closely at alternative and hedge fund investment strategies in open-end funds, exchange-traded funds and variable annuity structures.

Read more in Reuters

Edited by: Tommy Fernandez

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