Tuesday, 26 July 2016
Last updated 1 hour ago
Sep 6 2012 | 10:53am ET
The first deadline for hedge funds to register with the Securities and Exchange Commission has come and gone—and gone smoothly, according to Advise Technologies.
The regulatory compliance software company said that the majority of hedge fund successfully filed the new Form PF for the first time. It also said all of its own hedge fund clients filed on time without a glitch.
Hedge funds with more than $5 billion in assets under management had to make the filing by Aug. 29.
"This is the first time hedge funds have had to disclose this level of information, and it's caused a tremendous amount of angst," Doug Schwenk, founder and CEO of Advise, said. "The average fund manager has to produce 20-plus pages of thousands of numbers for Form PF. Instead of tackling it on their own, firms are best served to institute road-tested, quality systems that help make this painful task manageable."
Smaller hedge funds have another two or four months to make their maiden Form PF filings.