Friday, 9 October 2015
Last updated 3 hours ago
Mar 30 2011 | 1:15pm ET
Some of the world's biggest hedge funds appear to have no intention of being under the Securities and Exchange Commission's thumb for one day longer than they have to.
Nearly one-third of the 220 hedge funds that made AR magazine's billion-dollar club this year—managing about a quarter of those firms' total assets—have yet to register with the U.S. regulator. Hedge funds with $150 million or more in assets or at least 15 clients in the U.S. are required to register by this summer.
Among the 66 still sitting on their hands are King Street Capital Management, SAC Capital Advisors, Soros Fund Management and Viking Global Investors, Dow Jones Newswires reports.
But if those firms—which have until June 6 to submit their applications—expect the SEC to change its mind in the next two months, they've got another think coming.
"Some private funds are in a state of denial, hoping for some form of delay in the rules," National Regulatory Services' John Gebauer said. "But the likelihood of the legislation being taken back is nil."
"Private funds will be ill-advised to expect this rule will not happen."
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…