# Hedge Fund Association ## Posts - [FundBank Mid-Year Review 2025](https://hedgefundassoc.org/fundbank-mid-year-review-2025/): FundBank: As we look back at the first half of 2025, it has been an extremely active and successful year so far for FundBank*, as we continue to deliver banking solutions to the alternative asset management industry on a global scale. Read more…. - [Market Update & Outlook 1Q 2025](https://hedgefundassoc.org/market-update-outlook-1q-2025/): Forvis Mazars: Economic and market progress stalled in the first quarter, as higher-than-expected tariffs and inconsistent implementation created concerns for investors. After a strong start, U.S. stocks fell during the quarter.  Learn more… - [FASB Quarterly Update – 1Q 2025](https://hedgefundassoc.org/fasb-quarterly-update-1q-2025/): Forvis Mazars: FASB standard setting in the first quarter slowed considerably after a record-setting fourth quarter 2024. FASB issued only one Accounting Standards Update (ASU), with a minor correction to the implementation date of ASU 2024-03 on expense disaggregation and two narrow exposure drafts on debt exchange and codification improvements. Learn more… - [Navigating the Impact of Tariffs: A Global Approach](https://hedgefundassoc.org/navigating-the-impact-of-tariffs-a-global-approach/): Forvis Mazars: This paper provides an overview of recent standard-setting activity by the SEC’s Division of Investment Management, reminders on newly effective rules, updates on the SEC’s regulatory agenda, recent enforcement actions, and exam priorities. Learn more… - [SEC Regulatory Update – 1Q 2025 Asset Managers & Investment Companies](https://hedgefundassoc.org/sec-regulatory-update-1q-2025-asset-managers-investment-companies/): Forvis Mazars: With today’s shifting global trade policies, tariffs have become a hot topic for businesses of all sizes. While traditionally seen as a cost directly impacting importers, tariffs can have far-reaching implications, influencing everything from supply chains to tax strategies. Learn more… - [Grow your Business in the Heart of Miami with Miami DDA Incentives](https://hedgefundassoc.org/grow-your-business-in-the-heart-of-miami-with-miami-dda-incentives/): The Miami Downtown Development Authority is fueling Downtown Miami’s economic boom by offering grants to businesses relocating or expanding within its vibrant districts. Grants are available for ground-floor retail and mid-sized businesses. Additionally, start-up companies can compete for a grant at our yearly pitch competition. Download PDF… - [FundBank (Europe) S.A. authorised as a Luxembourg credit institution by the European Central Bank](https://hedgefundassoc.org/fundbank-europe-s-a-authorised-as-a-luxembourg-credit-institution-by-the-european-central-bank/): Today, FundBank Group announced that the European Central Bank issued an authorisation on 16 December 2024, allowing FundBank (Europe) S.A. to take up the business of a credit institution under the Luxembourg act of 5 April 1993 on the financial sector, as amended. Read more… - [Funds & Asset Managers – SEC Regulatory Update](https://hedgefundassoc.org/funds-asset-managers-sec-regulatory-update/): Forvis Mazars: This paper provides an overview of recent standard-setting activity by the SEC’s Division of Investment Management, reminders on newly effective rules, updates on the SEC’s regulatory agenda, recent enforcement actions, and exam priorities. Read more… - [Buy-Sell Agreements: Considerations to Avoid Complications](https://hedgefundassoc.org/buy-sell-agreements-considerations-to-avoid-complications/): Forvis Mazars: To address unforeseen events and unexpected changes affecting their business, owners should consider having an ownership—or buy-sell—agreement to help mitigate a variety of risks. However, the execution and maintenance of these agreements can sometimes be an afterthought for owners, leading to ownership disputes that can result in costly litigation. Read more… - [Private Equity in 2025: Will the Past Be Prologue?](https://hedgefundassoc.org/private-equity-in-2025-will-the-past-be-prologue/): Citrin Cooperman: The market may look great in terms of committed capital but much remains dysfunctional. The story varies widely based on sector and by type of fund — things look very different to emerging managers and independent sponsors. The historically low levels of deals, despite 1.5x as much dry powder as six years ago, also suggests something will have to give. Read more… - [FundBank, National Association launches in the U.S.](https://hedgefundassoc.org/fundbank-national-association-launches-in-the-u-s/): FundBank, National Association (“FundBank, N.A.”) announced today that it has been approved by the U.S. Department of the Treasury’s Office of the Comptroller of the Currency to operate a national bank. FundBank, N.A. is headquartered in Austin, Texas, with a relationship management office in New York City, NY. The bank will commence operations with a limited number of initial clients and plans to fully open in mid-December. Read more… - [SEC 2025 Examination Priorities](https://hedgefundassoc.org/sec-2025-examination-priorities/): Forvis Mazars: On October 21, 2024, the SEC’s Division of Examinations issued its 2025 Examination Priorities that support its stated mission—promote compliance, prevent fraud, monitor risk, and inform policy. The group will continue its focus on compliance, governance practices, and cybersecurity. Download the PDF below to see what investment advisers, investment companies, and broker-dealers need to know to prepare for upcoming exams. Read more… - [Seward & Kissel Releases 2023 Established Manager Hedge Fund Study](https://hedgefundassoc.org/seward-kissel-releases-2023-established-manager-hedge-fund-study/): The 2023 Seward & Kissel Established Manager Hedge Fund Study (the “Study”) focuses on those Seward & Kissel investment manager clients that have been in business for at least 5 years and manage greater than $1 billion in regulatory assets under management (“Established Managers”). See the Full Report - [Q2 2024: Is the M&A Rebound Finally Here?](https://hedgefundassoc.org/q2-2024-is-the-ma-rebound-finally-here/): Is the rebound finally here? Data from 2024 shows middle-market PE-backed M&A on the rise. Hear what the latest numbers indicate about deal volumes and average multiples rebounding in this GrowthTV episode. Scott Linch, National Industry leader of Private Equity at Forvis Mazars, and Bob Dunn, managing director of GF Data, share what these numbers reveal about dealmaking for the future. Watch now! - [SEC Updates N-PORT & N-CEN Reports for Funds](https://hedgefundassoc.org/sec-updates-n-port-n-cen-reports-for-funds/): On August 28, 2024, the SEC voted 3-2 to issue a final rule requiring monthly reporting of fund portfolio holdings by registered open-end funds, registered closed-end funds, and exchange-traded funds organized as a unit investment trust. Open-end funds also would be required to disclose details on service providers used for liquidity risk management. See the full report from Forvis Mazars. - [HFA Announces Results of 2024 Global Board of Directors Election and Appoints New Regional Directors and Committee Leaders](https://hedgefundassoc.org/hfa-announces-results-of-2024-global-board-of-directors-election-and-appoints-new-regional-directors-and-committee-leaders/): The Hedge Fund Association, an international nonprofit trade and nonpartisan lobbying organization, announces the results of its 2024 HFA Global Board of Directors election. HFA members re-elected Bo Megginson and elected Alex Contreras and Leanne Golding as Directors. Read more… - [Citrin Cooperman Acquires S&G LLP](https://hedgefundassoc.org/citrin-cooperman-acquires-sg-llp/): Citrin Cooperman Advisors, LLC (“Citrin Cooperman”), the premier professional services provider for private, middle market businesses, and high net-worth individuals, announced today that it has acquired substantially all the assets of S&G LLP (“S&G”), a Worcester, MA-based assurance, tax, and advisory firm. Concurrently, Citrin Cooperman & Company LLP, a national independent CPA firm that works closely with Citrin Cooperman Advisors LLC, announced the acquisition of the attest assets of S&G LLP. S&G joins Citrin Cooperman with five partners and over 30 professionals, expanding the firm’s established presence in the New England region. - [Formidium Corp. Introduces Crypto Backoffice – An Integrated Web3 Ecosystem](https://hedgefundassoc.org/formidium-corp-introduces-crypto-backoffice-an-integrated-web3-ecosystem/): Formidium launches “Crypto Backoffice™” - An integrated Web3 platform for crypto market participants. The platform revolutionizes the tracking and accounting for digital assets for independent traders, asset managers, investors, corporates, outsourced CFOs, fund administrators, accounting firms, and more. Crypto Backoffice™ automates general ledger accounting, tax reporting, compliance along with Investor onboarding and KYC/AML for crypto participants. In addition, the platform facilitates the listing of fund/strategies to enhance access to market, technology, and service for crypto participants. - [The Path Ahead for Emerging Managers in Private Equity and Venture Capital](https://hedgefundassoc.org/the-path-ahead-for-emerging-managers-in-private-equity-and-venture-capital/): Citrin Cooperman’s inaugural Emerging Manager Survey Report provides an in-depth analysis of the major factors that are currently shaping, and will continue to shape, future growth for emerging managers, including capital raising, fees and terms, cybersecurity, ESG, and the overall industry outlook. See the Full Report - [Advisers Face Sweeping New SEC & FinCEN Customer Rules](https://hedgefundassoc.org/advisers-face-sweeping-new-sec-fincen-customer-rules/): Forvis Mazars: Under two proposals, certain advisers would be subject to AML/CFT provisions and must develop a customer identification program. Under two recently issued proposals, certain SEC investor advisers would now be subject to Anti-Money Laundering and Countering the Financing of Terrorism provisions of the Bank Secrecy Act and also be required to develop a customer identification program. - [Funds & Asset Managers – Midyear SEC Regulatory Update](https://hedgefundassoc.org/funds-asset-managers-midyear-sec-regulatory-update/) - [Auditing Spotlight on Commercial Real Estate Holdings](https://hedgefundassoc.org/auditing-spotlight-on-commercial-real-estate-holdings/) - [SEC Issues New Regulation S-P Rules](https://hedgefundassoc.org/sec-issues-new-regulation-s-p-rules/) - [FORVIS: Q1 2024 Middle-Market M&A Insights](https://hedgefundassoc.org/forvis-q1-2024-middle-market-ma-insights/) - [Seward & Kissel’s 2023 New Manager Hedge Fund Study](https://hedgefundassoc.org/seward-kissels-2023-new-manager-hedge-fund-study/) - [Hedge Fund Association Q&A with Anthony Scaramucci](https://hedgefundassoc.org/hedge-fund-association-qa-with-anthony-scaramucci/) - [New SEC Rule Narrows Internet Adviser Exemption](https://hedgefundassoc.org/new-sec-rule-narrows-internet-adviser-exemption/) - [New Cyber Rules for Investment Funds & Advisers in 2024?](https://hedgefundassoc.org/new-cyber-rules-for-investment-funds-advisers-in-2024/) - [SEC Finalizes Second Set of Form PF Updates](https://hedgefundassoc.org/sec-finalizes-second-set-of-form-pf-updates/) - [TaxCred PRO™ for Clean Energy](https://hedgefundassoc.org/taxcred-pro-for-clean-energy/) - [Citrin Cooperman Increases Florida Presence with Acquisition of Keefe McCullough](https://hedgefundassoc.org/citrin-cooperman-increases-florida-presence-with-acquisition-of-keefe-mccullough/) - [2024 SEC Outlook – Funds & Asset Managers](https://hedgefundassoc.org/forvis-2024-sec-outlook-funds-asset-managers/) - [FORVIS: 2024 SEC Outlook](https://hedgefundassoc.org/forvis-2024-sec-outlook/) - [SEC Finalizes Extensive Private Fund Reforms](https://hedgefundassoc.org/sec-finalizes-extensive-private-fund-reforms/): FORVIS: On August 23, 2023, the SEC approved—in a three-to-two vote along party lines—a 660-page final rule that significantly expands oversight, disclosure, and audit requirements for private funds. Only minor changes were made from the February 2022 proposal. Read more… - [FORVIS highlights first-year momentum in annual report](https://hedgefundassoc.org/forvis-highlights-first-year-momentum-in-annual-report/): FORVIS, one of the nation’s leading assurance, tax, and consulting firms, today announced revenue of $1,685,539,000 for the fiscal year ending May 31, 2023. This represents a growth rate of greater than 13% over the previous fiscal year and places FORVIS as the eighth largest U.S. firm. Revenues grew in each of the firm’s three major service lines and its 10 core industry practices. Read more… - [Artificial Intelligence: Game changer for your Portfolio?](https://hedgefundassoc.org/artificial-intelligence-game-changer-for-your-portfolio/): Ironhold Capital: As advancements in AI continue to occur throughout various industry sectors, understanding its implications now and in the future is crucial. The potential that AI related tools and companies have for investing are significant and has already impacted the markets today. Amidst all the noise, AI has real benefits that will change the world of investing. Read more… - [HFA Seeks Nominations to Global Board of Directors](https://hedgefundassoc.org/hfa-seeks-nominations-to-global-board-of-directors/): Are you interested in a leadership role within the alternative investment industry? Nominations are now being accepted for HFA’s annual Board of Directors election. Learn more… - [Citrin Cooperman's Emerging Managers Survey](https://hedgefundassoc.org/citrin-coopermans-emerging-managers-survey/): Citrin Cooperman’s Financial Services Industry Practice is excited to announce its inaugural Emerging Managers Survey for U.S.-based private equity and venture capital fund managers. Throughout this survey and the resulting report, we will uncover, analyze, and benchmark detailed information about emerging private equity and venture capital managers including information on fundraising, deal economics, environmental, social, and governance (ESG) practices, cybersecurity, and provide an overall outlook for the industry. All responses will be kept confidential. Learn more… - [SECURE 2.0 Act: The Role of Trusted Advisors in an Ever-Changing Retirement Landscape](https://hedgefundassoc.org/secure-2-0-act-the-role-of-trusted-advisors-in-an-ever-changing-retirement-landscape/): FORVIS: When it comes to personal finances and planning for retirement, most of us have heard the adage, “Spend less than you make.” While this rule of thumb is a bedrock of financial well-being, the ever-changing landscape surrounding retirement and the financial implications associated with preparing for this exciting stage of life can often be intimidating and potentially hazardous to navigate alone. Read more… - [New SEC Share Repurchase Rules for Issuers & Closed-End Funds](https://hedgefundassoc.org/new-sec-share-repurchase-rules-for-issuers-closed-end-funds/): FORVIS: On May 3, 2023, the SEC voted three to two along party lines to issue a final rule updating and modernizing 2003 regulations on share repurchases by issuers, listed closed-end funds, and foreign private issuers (FPIs). The changes require more detailed quantitative and qualitative disclosures. The final rule reflects some significant changes from the proposal based on comment letter feedback, most notably periodic aggregation of daily information versus daily reporting. Read more… - [1Q 2023 SEC Update – Asset Managers, Funds, & Broker-Dealers](https://hedgefundassoc.org/1q-2023-sec-update-asset-managers-funds-broker-dealers/): FORVIS: This paper provides an overview of key proposals and final rules that may impact asset managers, funds, and broker-dealers issued by the SEC from January to March 31, 2023, along with updates on significant outstanding proposals. The developments included in this update are intended to be a reminder of recently issued accounting and other guidance that may affect you in the current reporting period. Read more… - [Understanding Leverage: Benefits, Types, Risks & Asymmetry](https://hedgefundassoc.org/understanding-leverage-benefits-types-risks-asymmetry/): Ironhold Capital: Leverage is one of the most important concepts in investing. It refers to the use of debt to finance transactions that may not be executed only with one’s own capital. Understanding the implications of leverage is crucial if one wishes to become an intelligent investor. If used well, leverage can increase returns on investment. This is because one can achieve greater absolute returns with more substantial initial capital. But there’s a twist. Read more… - [Failures in Cryptocurrency Exchanges Create Tax Challenges for Investors](https://hedgefundassoc.org/failures-in-cryptocurrency-exchanges-create-tax-challenges-for-investors/): FORVIS: In 2022, several centralized cryptocurrency exchanges filed for bankruptcy due to being overleveraged, dragging the overall cryptocurrency market down. The total cryptocurrency market capitalization (or market cap) peaked in late 2021 at approximately $3 trillion, but as of this writing is now under $1 trillion. Investors that held assets on centralized cryptocurrency exchanges likely want to know what their options are for recouping losses on their federal income tax returns. Read more… - [4Q 2022 ESG Regulation & Financial Statement Updates](https://hedgefundassoc.org/4q-2022-esg-regulation-financial-statement-updates/): FORVIS: The long-awaited SEC final rule on climate disclosure was unexpectedly delayed due to a technical glitch. The more aggressive European targets have encountered speed bumps, but the European Commission (EC) recently approved 12 standards that will be effective for large companies on January 1, 2024. Read more… - [Funds Face New Liquidity & Swing-Pricing Requirements](https://hedgefundassoc.org/funds-face-new-liquidity-swing-pricing-requirements/): FORVIS: On November 2, 2022, the SEC issued a 444-page proposal that would significantly change liquidity risk management and pricing practices for open-end management investment companies, including: Updating the classification of investment liquidity and requiring a minimum of 10% of highly liquid assets Requiring the use of swing pricing and implementing a hard close Timelier, more frequent (monthly), and more detailed public reporting of fund information To learn more download the FORVIS White Paper - [All About Risk: Why is it often Misunderstood?](https://hedgefundassoc.org/all-about-risk-why-is-it-often-misunderstood/): Ironhold Capital: This paper highlights what risk means for your portfolio and the ways in which to manage it. It breaks down the difference between volatility and risk and why wall street often misconstrues the terms. Additionally, it explains how to manage and cope with the uncertainty investors often experience in their investments. Read more… - [Crypto: Tulip Mania all over again?](https://hedgefundassoc.org/crypto-tulip-mania-all-over-again/): Ironhold Capital: Crypto, for better or worse, has been in the news several times in the last few years with many questions circling around its merits, downfalls, and future implications. With all the uncertainty surrounding what crypto is and the functionality of the currency, understanding the basics of how it works is imperative to figuring out if it is the right play for your portfolio. Read more… - [Surviving The Bear Market: Planning with Financial Advisor](https://hedgefundassoc.org/surviving-the-bear-market-planning-with-financial-advisor/): Ironhold Capital: Investors must plan their asset allocation thoroughly with a professional advisor. The first thing on the table is to ensure that your holdings are sufficiently diversified across asset classes and then within an asset class. Through diversification, one can mitigate unsystematic risk, which is a risk that is associated with a single company or single industry. Read more… - [Launching a private fund with plans to convert to a registered fund](https://hedgefundassoc.org/launching-a-private-fund-with-plans-to-convert-to-a-registered-fund/): UMB Fund Services: Some alternative investment managers are launching new funds with an expectation of later converting them to registered funds to pursue broader distribution. Here are suggestions from Ann Maurer, UMB senior vice president and mutual funds product manager, on how to avoid negative surprises when implementing that strategy. Read more… - [Hedge Fund Association submitted a comment letter to the U.S. Securities and Exchange Commission](https://hedgefundassoc.org/hedge-fund-association-submitted-a-comment-letter-to-the-u-s-securities-and-exchange-commission/): HFA submitted a comment letter to the U.S. Securities and Exchange Commission regarding: Release No. 34-94062; File No. S7-02-22; Amendments to Exchange Act Rule 3b-16 Regarding the Definition of “Exchange;” Regulation ATS for ATSs That Trade U.S. Government Securities, NMS Stocks, and Other Securities and Release No. 34-94524; File No. S7-12-22; Further Definition of “As a Part of a Regular Business” in the Definition of Dealer and Government Securities Dealer. View the letter. - [HFA submits comment letter to the U.S. Securities and Exchange Commission regarding Private Fund Advisers](https://hedgefundassoc.org/hfa-submits-comment-letter-to-the-u-s-securities-and-exchange-commission-regarding-private-fund-advisers/): Hedge Fund Association submits comment letter to the U.S. Securities and Exchange Commission regarding Private Fund Advisers – View the letter. - [Hedge Fund Association Announces Results of 2022 Global Board of Directors Election](https://hedgefundassoc.org/hedge-fund-association-announces-results-of-2022-global-board-of-directors-election/): HFA Also Appoints New Regional Directors and Committee Leaders NEW YORK, NY – April 25, 2022 – The Hedge Fund Association (“HFA”), a leading international nonprofit trade and nonpartisan lobbying organization, is delighted to announce the results of its 2022 Global Board of Directors election. HFA members re-elected Rajpal Arulpragasam, and elected Jagruti Bhikha, Deloris Dunk Vickers, Thejas Nalval and Richard Westmark. HFA Global Board members are all industry executives that serve for up to 2 consecutive 3-year terms. “We are pleased to welcome HFA’s newest global board members, regional directors and committee leaders, and we greatly appreciate the service of our outgoing… - [Allocators Want Access to Top Startups Without All the Competition. Venture Debt May Be the Answer](https://hedgefundassoc.org/allocators-want-access-to-top-startups-without-all-the-competition-venture-debt-may-be-the-answer/): Institutional Investor, by Alicia McElhaney – Amid a hotly competitive market, there may be a better way for asset owners to tap into popular startups — without vying for access to the top venture capital managers.  Venture debt is a burgeoning section of the market which has long been dominated by just a few players. That is now changing, according to Zack Ellison, chief investment officer at venture debt firm Applied Real Intelligence. Read more… - [Hedge Fund Association Welcomes Industry Leader TriNet to Global Thought Leadership Council](https://hedgefundassoc.org/hedge-fund-association-welcomes-industry-leader-trinet-to-global-thought-leadership-council/): NEW YORK, NY – The Hedge Fund Association (“HFA”), a leading international nonprofit trade and nonpartisan lobbying organization, is pleased to announce the addition of TriNet as a new Global Thought Leadership Council sponsor, and the annual renewals of Citrin Cooperman and UMB Fund Services. “The HFA is honored to welcome TriNet to our Global Thought Leadership Council and we’re grateful for the renewals by UMB Fund Services and Citrin Cooperman. This HFA sponsorship level empowers programs to unite the alternative investment industry and helps accelerate success for our members worldwide,” said Mitch Ackles, HFA Global President. “We are excited to join the HFA’s Global Thought Leadership Council,” said… - [The HFA's initial response to the SEC's request for comments regarding its Amendments to Form PF](https://hedgefundassoc.org/the-hfas-initial-response-to-the-secs-request-for-comments-regarding-its-amendments-to-form-pf/): The HFA’s initial response to the U.S. Securities and Exchange Commission’s request for comments regarding its Amendments to Form PF for Large Private Equity Advisers and Large Liquidity Fund Advisers. Read the comment letter here. - [The K-2 and K-3 Saga Continues](https://hedgefundassoc.org/the-k-2-and-k-3-saga-continues/): Citrin Cooperman: International tax information reporting for tax year 2021 adds two new schedules, K-2 and K-3, for pass-through entity tax returns. These schedules were originally intended to only address reporting of items of international tax relevance; however, the new instructions issued in January 2022 required the inclusion of Schedules K-2 and K-3 in many, if not all, pass-through entity returns. Read more… - [SEC proposes cybersecurity rules, incident disclosure for investment funds and advisors](https://hedgefundassoc.org/sec-proposes-cybersecurity-rules-incident-disclosure-for-investment-funds-and-advisors/): CohnReznick – The SEC has proposed new rules that would require investment funds and advisors to implement written cybersecurity programs that address mounting cybersecurity risks. The rules, if passed, would also require funds and advisors to publicly report “significant” security incidents and provide documentation of cybersecurity risks. Read more… - [SEC’s new proposed rules for private fund advisors: What to know](https://hedgefundassoc.org/secs-new-proposed-rules-for-private-fund-advisors-what-to-know/): CohnReznick – The SEC recently proposed new regulations for the private fund industry that would require annual audits and quarterly investor account statements, expand “prohibited activities,” limit preferential treatment, and other key changes. The proposals are intended to “enhance the regulation of private fund advisors and to protect private fund investors by increasing transparency, competition, and efficiency,” the SEC wrote in its release. Read more… - [Cryptojacking: What’s Yours is Mined](https://hedgefundassoc.org/cryptojacking-whats-yours-is-mined/): Citrin Cooperman: As the popularity of cryptocurrencies continues to grow, cyber criminals have taken notice. One threat to cryptocurrency is a nefarious tactic called cryptojacking. The following frequently asked questions will provide an overview of this topic. Read more… - [Harbour celebrates 40 years in the Cayman Islands](https://hedgefundassoc.org/harbour-celebrates-40-years-in-the-cayman-islands/): Harbour – 2022 marks a significant milestone for Harbour (The Harbour Trust Co. Ltd.), a leading fund governance firm, as they celebrate 40 years of providing professional services in the Cayman Islands. Harbour has a longstanding and well-established presence in the fund industry, both in the Cayman Islands and around the globe. The firm was established on March 4, 1982 and licensed with the Cayman Islands Monetary Authority (“CIMA”) the same month. Since then they have grown from three people to their present group of 14 multi-talented professionals, all while continuing to expand and diversify their service offerings. Read more… - [Supply Chain Disruption Explained from ESG lens](https://hedgefundassoc.org/supply-chain-disruption-explained-from-esg-lens/): ESG Playbook – Supply chain shortages were the focal point of 2021 and continue into 2022, advancing the era of environmental, social, and governance on a global stage. The supply chain squeeze has spanned across multiple industries, pushing the inflation rate in the U.S. to the highest level since 1982. There is uncertainty concerning when the supply chain bottleneck will ease. However, one thing that we ascertain is that ESG will be here to stay and reshape the supply chain landscape over the long run. As ESG goes mainstream, a few breakthrough developments are underway. Read more… - [The Metaverse: The Reality of Virtual Reality](https://hedgefundassoc.org/the-metaverse-the-reality-of-virtual-reality/): Wilshire Phoenix – The metaverse has often been referred to as a type of virtual reality (VR) where users can interact with each other in a computer-generated environment. The metaverse can be an immersive experience where virtual worlds can allow users to work, play and have experiences that are nearly limitless. Read more… - [Wilshire Phoenix - 2022 Market Outlook](https://hedgefundassoc.org/wilshire-phoenix-2022-market-outlook/): Wilshire Phoenix – The U.S. economy experienced significant growth in 2021 on the shoulders of vaccine efficacy and return to normal for many. From concerts and sporting events to restaurants and travel, each of those industries, among others, saw profound benefits by rebounding from being shut down almost entirely in 2020.  Read more… - [Are You Ready for 2022? HR Tips to Help Your Business Thrive This Year](https://hedgefundassoc.org/are-you-ready-for-2022-hr-tips-to-help-your-business-thrive-this-year/): TriNet: It’s 2022 and if the last two years have taught us anything, it’s to expect the unexpected. This year is already bringing more pandemic-related challenges for many and nobody can predict what else may come. It’s no secret that the business environment shifted dramatically throughout 2020 and 2021, and the HR landscape has been no exception. Read more… - [2021 New Hedge Fund Study](https://hedgefundassoc.org/2021-new-hedge-fund-study/): Seward & Kissel LLP – The COVID-19 pandemic continued to present unique challenges for new managers, investors and allocators. However, we saw managers begin to overcome fundraising challenges prevalent in the early stages of the pandemic. The 2021 hedge fund industry was extremely active as participants were eager to take advantage of recent market opportunities. Read more… - [Unlisted closed-end funds: Growth persists despite pandemic](https://hedgefundassoc.org/unlisted-closed-end-funds-growth-persists-despite-pandemic/): UMB Fund Services: The unlisted closed-end fund structure—primarily interval funds and tender-offer funds—allows asset managers to access the mass affluent market while addressing the liquidity challenges of alternatives and illiquid securities. Read more… - [Achieving Maximum Potential from a Cloud Transformation](https://hedgefundassoc.org/achieving-maximum-potential-from-a-cloud-transformation/): Bain & Co., by Vishy Padmanabhan, Prasad Sankaran, Adi Prakash, and Rajneesh Sethi – Two decades into the migration to the cloud model, most companies have already shifted some of their workloads and committed to shifting more to the cloud. But surprisingly few have been able to capture as much value as they could if they pursued the cloud model more aggressively. Read more… - [How to get a Foot in the Allocator’s Door](https://hedgefundassoc.org/how-to-get-a-foot-in-the-allocators-door/): Murano – During the 1970’s, the average consumer saw between 500-1700 ads a day. By 2007, this had risen to over 5,000 ads per day. Today, the average consumer is subject to anywhere from 6,000 to 10,000 ads every day. We now also combine this with LinkedIn, Twitter, WhatsApp, Bloomberg, email, etc. We have become professionals at sorting with very short attention spans and can feel so disconnected from any real issue since if we don’t like what we see or hear, we tend to ignore it. Read more… - [UMB issues industry report on U.S. private debt market](https://hedgefundassoc.org/umb-issues-industry-report-on-u-s-private-debt-market/): UMB Fund Services: The private debt market has come into its own over the past decade. Once a small and obscure asset class, the market’s meteoric rise has benefited from a low interest rate environment, institutional capital backing and heightened EBITDA valuations across multiple sectors. Read more… - [Ten Questions to Help Alternative Managers Evaluate Fund Accounting and Investor Reporting Technology](https://hedgefundassoc.org/ten-questions-to-help-alternative-managers-evaluate-fund-accounting-and-investor-reporting-technology/): UMB Fund Services: Recent technology advances mean today’s alternative investment managers have access to a range of technologies that can significantly streamline alternative investment fund reporting and recordkeeping. While changing fund accounting and investor reporting platforms isn’t quick and easy, the right system can save you time, reduce your risk and help you grow assets faster. Read more… - [Hedge Fund Association Announces Results of 2021 Global Board of Directors Election](https://hedgefundassoc.org/hedge-fund-association-announces-results-of-2021-global-board-of-directors-election/): HFA Also Appoints New Regional Directors and Launches Private Equity and Venture Capital Committees NEW YORK, NY – April 26, 2021 – The Hedge Fund Association (“HFA”), a leading international nonprofit trade and nonpartisan lobbying organization, is pleased to announce the results of its 2021 Global Board of Directors election. HFA members re-elected Nick Tootle, and elected Pamela Brylski, Lou Garcia, Alice Lyu and Bo Megginson. HFA Global Board members are all industry executives that serve for up to 2 consecutive 3-year terms. “We are delighted to welcome HFA’s newest Global Board members, regional chapter directors and committee leaders,” said… - [HFA Commends SEC on its Modernization of the Accredited Investor Definition](https://hedgefundassoc.org/hedge-fund-association-commends-sec-on-its-modernization-of-the-accredited-investor-definition/): NEW YORK – The Hedge Fund Association (“HFA”), a leading international nonprofit trade and nonpartisan lobbying organization, and its members applaud the U.S. Securities and Exchange Commission (“SEC”)’s amendments to the “accredited investor” definition. These changes are in line with the HFA’s prior recommendations to include verifiable knowledge-based standards to expand the universe of accredited investors and enable greater access to alternative investment funds based on financial sophistication. “We applaud the SEC’s amendments to the accredited investor definition and we concur with SEC commissioner Hester M. Peirce’s view that Series 7, 65, and 82 license holders and well-informed employees of… - [Let us agree with one voice that Black Lives Matter](https://hedgefundassoc.org/let-us-agree-with-one-voice-that-black-lives-matter/) - [Hedge Fund Association Welcomes SS&C Intralinks to Global Thought Leadership Council](https://hedgefundassoc.org/hedge-fund-association-welcomes-ssc-intralinks-to-global-thought-leadership-council/) - [Cost Containment for Hedge Fund and Private Equity Fund Managers](https://hedgefundassoc.org/cost-containment-for-hedge-fund-and-private-equity-fund-managers/) - [Hedge Fund Association Announces Results of 2020 Global Board of Directors Election](https://hedgefundassoc.org/hedge-fund-association-announces-results-of-2020-global-board-of-directors-election/) - [Candidate Information: HFA 2020 Board of Directors Election](https://hedgefundassoc.org/candidate-information-hfa-2020-board-of-directors-election/) - [HFA Sponsorship Opportunities (as of March 2020)](https://hedgefundassoc.org/hfa-sponsorship-opportunities-as-of-march-2020/) - [Hedge Fund Association Adds Mark Shaw and Josh Stone to Leadership Team. Nominations Now Open for HFA’s 2020 Global Board of Directors Election](https://hedgefundassoc.org/hedge-fund-association-adds-mark-shaw-and-josh-stone-to-leadership-team-nominations-now-open-for-hfas-2020-global-board-of-directors-election/) - [HFA - 2020 Sponsorship Opportunities](https://hedgefundassoc.org/hfa-2020-sponsorship-opportunities/) - [Press Release: Hedge Fund Association Submits Comment Letter to SEC, Advocating Expanded Accredited Investor Qualifications and Broader Advertising](https://hedgefundassoc.org/press-release-hedge-fund-association-submits-comment-letter-to-sec-advocating-expanded-accredited-investor-qualifications-and-broader-advertising/) - [HFA Comment Letter Submitted to SEC Sept. 23, 2019, RE: Harmonization of Securities Offering Exemptions](https://hedgefundassoc.org/hfa-comment-letter-submitted-to-sec-sept-23-2019-re-harmonization-of-securities-offering-exemptions/) - [HFA 2019 Summer Newsletter](https://hedgefundassoc.org/hfa-2019-summer-newsletter/) - [Expense Apportionment Software: What Is Allocation & Apportionment, and Why Should You Care?](https://hedgefundassoc.org/expense-apportionment-software-what-is-allocation-apportionment-and-why-should-you-care/): Gary R. Markham: Expense allocation and expense allocation / apportionment software are not exhilarating subjects, it doesn’t fill you with joy and adrenaline at the prospect of finally finding a way to become a part of the expense allocation revolution. Read more… - [Q&A on the evolution of fund administration from coast to coast](https://hedgefundassoc.org/qa-on-the-evolution-of-fund-administration-from-coast-to-coast/): UMB Fund Services: Although Silicon Valley and Wall Street may seem very different, asset management and fund administration are evolving from coast to coast. Rich Talley and Ralph Santoro discuss fund administration and the trends they’re seeing across the country. Read more… - [The cash conundrum for Qualified Opportunity Zone Funds](https://hedgefundassoc.org/the-cash-conundrum-for-qualified-opportunity-zone-funds/): UMB Fund Services: The Qualified Opportunity Zone (QOZ) program may offer investors temporary tax deferral, but they bring with them cash challenges for fund managers. Read more… - [UMB Fund Services releases 2019 report on unlisted closed-end funds](https://hedgefundassoc.org/umb-fund-services-releases-2019-report-on-unlisted-closed-end-funds/): UMB Fund Services: UMB has again partnered with FUSE Research Network to issue the third edition of this report, which delivers the most comprehensive look at unlisted CEFs in the industry. Read more… - [Updates to RSM's hedging guide for ASU 2019-04](https://hedgefundassoc.org/updates-to-rsms-hedging-guide-for-asu-2019-04/): RSM: In August 2017, the FASB issued Accounting Standards Update (ASU) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which brought forth some long-awaited improvements to hedge accounting. Read more… - [FASB Proposes Delays on Accounting Standard Changes](https://hedgefundassoc.org/fasb-proposes-delays-on-accounting-standard-changes/): KSM: On July 17, 2019, the Financial Accounting Standards Board (FASB) voted to have its staff prepare an exposure draft to delay the effective dates for accounting standard changes on leases, credit losses, and hedging. Read more… - [Asset TV's Liquid Alternatives Masterclass](https://hedgefundassoc.org/asset-tvs-liquid-alternatives-masterclass/): UMB Fund Services: Watch Asset TV’s Liquid Alternatives Masterclass where UMB’s Richard Talley shares perspective on interval and tender-offer funds. Watch video… - [Absolute Return Prime Brokerage Survey: ‘Mini primes’ battling for market share](https://hedgefundassoc.org/absolute-return-prime-brokerage-survey-mini-primes-battling-for-market-share/): Absolute Return: As prime brokerage as a whole has become more commoditised and funds continue to seek ways to cut costs, smaller prime brokers, or so-called “mini-primes” have managed to gain market share. One such firm, Celadon Financial Group, had its best year in terms of revenues in 2018, according to CEO Daryl Hersch. Download PDF… - [Time Recording for Dummies!](https://hedgefundassoc.org/time-recording-for-dummies/): Gary R. Markham: It’s a well known fact that attorneys, auditors, accountants, consultants and other professional hate recording their time. That is a universal rule, which goes along the lines of “this isn’t what I went to law school for……”. Read more… - [What Gemini’s Expansion Means](https://hedgefundassoc.org/what-geminis-expansion-means/): The Information: It turns out last week’s rally was short-lived, with bitcoin pulling back after reaching as high as $13,500. People in the industry I’ve spoken with are still mindful of last year’s plunge, and say they would rather see the market gain steam more gradually. “Once a new base is formed, prices are likely to move higher,” said Bill Herrmann, managing partner at the investment management firm Wilshire Phoenix. Read more… - [Diversification of Digital Assets](https://hedgefundassoc.org/diversification-of-digital-assets/): Wilshire Phoenix: Digital Assets share some similarities to traditional assets such as stocks, bonds, and commodities. However, careful consideration is needed to apply traditional methods in their investment and risk management. For an investor in digital assets, diversification is an important topic. How can one use the concept of diversification to help achieve returns while managing risk? Read more… - [Unlisted Closed-End Funds White Paper](https://hedgefundassoc.org/unlisted-closed-end-funds-white-paper-2/): UMB Fund Services: Based on a Q3 2018 FUSE Research Network survey of senior product leaders at 37 asset management firms, product developers are increasingly looking at structures for less liquid and uncorrelated alternative investments. Read more… - [Unlisted Closed-End Funds White Paper](https://hedgefundassoc.org/unlisted-closed-end-funds-white-paper/): UMB Fund Services: Based on a Q3 2018 FUSE Research Network survey of senior product leaders at 37 asset management firms, product developers are increasingly looking at structures for less liquid and uncorrelated alternative investments. Read more… - [Wilshire Phoenix Continues to Build by Adding Talented Derivatives Trader Dan Grill as Partner](https://hedgefundassoc.org/wilshire-phoenix-continues-to-build-by-adding-talented-derivatives-trader-dan-grill-as-partner/): Wilshire Phoenix, a leading provider of investment management services for traditional, alternative, and emerging asset classes, today announced that Dan Grill has joined the firm’s executive leadership team as a Partner. Read more… - [Permanent Capital Summit: RSM Key takeaways](https://hedgefundassoc.org/permanent-capital-summit-rsm-key-takeaways/): RSM: The Permanent Capital Summit, sponsored by Dechert, ING, RSM and KBW/Stifel, brought fund sponsors and asset managers together in New York to consider the impact of a shifting financial and regulatory environment on the formation and investment of permanent capital. Read more… - [How data became an ESG issue](https://hedgefundassoc.org/how-data-became-an-esg-issue/): RSM: In Europe, the ability of a private equity firm to demonstrate its commitment to environmental, social and governance issues has evolved from a nice-to-have into a necessity. Read more… - [What’s new and what’s next for qualified opportunity zone funds?](https://hedgefundassoc.org/whats-new-and-whats-next-for-qualified-opportunity-zone-funds/): UMB Fund Services: In April, the Treasury Department released new regulations impacting qualified opportunity zone (QOZ) funds to address several key issues that have arisen since the funds became available and have ultimately been a deterrent for some investors and businesses. Read more… ## Pages - [Philanthropy](https://hedgefundassoc.org/philanthropy/): Philanthropy Investing in a Better Future The alternative investment community has a strong tradition of giving back. HFA proudly supports and promotes philanthropic efforts that create lasting impact in communities around the world. We encourage our members and partners to contribute to charitable organizations that promote equity, opportunity, and wellbeing. JOIN THE HFA Join HFA today and enjoy all the member benefits, including access to HFA’s conferences, seminars and social events. GET STARTED Annual Sponsors - [Coming Soon](https://hedgefundassoc.org/coming-soon/): Coming Soon - [News](https://hedgefundassoc.org/news-articles/): News & Articles July 10, 2024 Citrin Cooperman Advisors, LLC (“Citrin Cooperman”), the premier professional services provider for private, middle market businesses, and high net-worth individuals, announced today that it has acquired substantially all the assets of S&G LLP (“S&G”), a Worcester, MA-based assurance, tax, and advisory firm. Concurrently, Citrin Cooperman & Company LLP, a national independent CPA firm that works closely with Citrin Cooperman Advisors LLC, announced the acquisition of the attest assets of S&G LLP. S&G joins Citrin Cooperman with five partners and over 30 professionals, expanding the firm’s established presence in the New England region. “S&G’s strong… - [Join](https://hedgefundassoc.org/join-us/): Join Us The Hedge Fund Association (“HFA”) serves its global membership through top-level networking, educational events, media relations and industry advocacy as a non-profit organization. Members represent hedge funds, investors, service providers and students. All HFA leaders are volunteers, supporting the association’s mission to advance transparency, education and trust. HFA depends on membership revenues to grow and achieve its mission. Annual HFA membership is $100 for investors, fund managers, PE, VC, Real Estate, Wealth Management and RIA firms, and $500 for service providers (including law firms, prime brokers, 3PMs and fund platforms). Additional opportunities to support HFA at a premium… - [Past Events](https://hedgefundassoc.org/past-events/): Past Events Uncorrelated Miami 2025 Date: January 27, 2025 Location: Miami Beach, FL As Miami Alts Week continues to thrive, the Hedge Fund Association is pleased to offer our members discounted access to Uncorrelated Miami, a new alternative investment conference at the exceptional Faena Miami Beach set for January 27-29, 2025. Learn more… Citrin Cooperman Emerging Managers: Top Alts Strategies Date: January 23, 2025 Location: New York, NY Emerging managers must combine performance, operational excellence, and modern marketing to stand out. Join us for an insightful discussion where our distinguished panelists discuss the industry outlook for 2025, approaches to raising… - [Upcoming](https://hedgefundassoc.org/upcoming-events/): Upcoming Events HFM US Emerging Managers COO Summit 2025 Date: February 11, 2025 Location: New York, NY HFA is excited to be partnering with the HFM US Emerging Managers COO Summit in NYC. Attendees can expect a speaker lineup of hedge fund leaders, inspiring keynotes and out-of-industry visionaries to help emerging managers tackle challenges and steer their firm to its next level of growth. Learn more and register… HFA Annual Mardi Gras in Miami Date: March 4, 2025 Location: Miami, FL You’re invited to celebrate Fat Tuesday at HFA’s Annual Mardi Gras in Miami, presented by Forvis Mazars. Join us… - [Legal Disclaimer](https://hedgefundassoc.org/legal-disclaimer/): Nothing in this web site should be interpreted as investment or financial advice. 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(H3) Subhead Block Paragraph Block This is a paragraph block. Professionally productize highly efficient results with world-class core competencies. Objectively matrix leveraged architectures vis-a-vis error-free applications. Completely maximize customized portals via fully researched metrics. Enthusiastically generate premier action items through web-enabled e-markets. Efficiently parallel task holistic intellectual capital and client-centric markets. Image Block (Standard width) Image Block (Wide width) Image Block (Full width) Cover Image Block Gallery Block List Block List item 1 List item 2 List item 3 List item 4 Columns Block Phosfluorescently morph intuitive relationships rather than customer directed… - [Full Width Page - No gaps, title, image, sidebar](https://hedgefundassoc.org/full-width-page-no-gaps-title-image-sidebar/): Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos hymenaeos. Vivamus ac leo pretium faucibus. Nullam sapien sem, ornare ac, nonummy non, lobortis a enim. Nunc tincidunt ante vitae massa. Vivamus luctus egestas leo. Etiam commodo dui eget wisi. Etiam posuere lacus quis dolor. Et harum quidem rerum facilis est et expedita distinctio. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Pellentesque pretium lectus id turpis. Curabitur bibendum justo non orci. Etiam ligula pede, sagittis quis, interdum ultricies, scelerisque eu. Phasellus et lorem id… - [Why Join Hedge Fund Association?](https://hedgefundassoc.org/custom-featured-image-height/): Joining Hedge Fund Association can unlock the doors to a plethora of premium resources, educational opportunities, and networking events for both investors and fund managers. HFA is dedicated to promoting transparency, trust, and superior standards of ethics within the hedge fund industry, making it the perfect place for industry newcomers and stalwarts to connect and engage. By joining HFA, you can stay up-to-date with all the latest industry trends and developments, network with like-minded professionals, and showcase your investment expertise to a global audience. Don’t miss out on this unique and unparalleled opportunity – Join HFA today and get exclusive… - [Full Width page - no gaps](https://hedgefundassoc.org/full-width-page-no-gaps/): Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Vivamus porttitor turpis ac leo. Praesent id justo in neque elementum ultrices. Nullam sapien sem, ornare ac, nonummy non, lobortis a enim. Maecenas aliquet accumsan leo. Duis viverra diam non justo. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec iaculis gravida nulla. Mauris dictum facilisis augue. 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Vivamus porttitor… - [Contact](https://hedgefundassoc.org/contact/): Email info@hedgefundassoc.org   Media Inquiries Mitch AcklesPhone: +1 (646) 657-9230Email: mitch@hedgefundpr.net Phone +1 (646) 762-9668 Office Hedge Fund Association 477 Madison Avenue Floor 6 New York, NY 10022 - [About](https://hedgefundassoc.org/about/): About Us Championing Progress in Alternative Investments Since 1996 The Hedge Fund Association (HFA) is a nonpartisan, international nonprofit trade and lobbying organization committed to advancing the growth, transparency, and trust of the alternative investment industry. HFA’s diverse global membership includes hedge funds, private equity, venture capital, real estate, wealth management and RIA firms, family offices, private banks, institutional investors, and a wide range of service providers—from law firms and auditors to technology providers and prime brokers. Key Benefits of Membership Include: Exclusive member pricing for high-impact industry events Access to events in North America, South America, Europe and Asia… - [Blog](https://hedgefundassoc.org/blog/) - [Home](https://hedgefundassoc.org/): Meet Leaders, Investors and Innovators in the Alternative Investment Industry Join Us Events Timely Content. Strategic Connections. Meaningful Growth. HFA members gain access to exclusive events featuring expert speakers, industry panels, and actionable insights. These events are designed to foster collaboration, highlight trends, and spark business opportunities across the alternative investment ecosystem. Networking Build Global Connections with Industry Leaders Membership in HFA opens the door to a powerful network of professionals, investors, and innovators. Through curated educational and networking events, members exchange ideas, forge partnerships, and stay ahead of regulatory and market developments shaping the industry. 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