Wednesday, 1 April 2015
Last updated 5 hours ago
Apr 14 2014 | 11:06am ET
The U.S. Securities and Exchange Commission examined 400 private equity firms and found that more than half inflated the fees and expenses charged to portfolio companies.
Citing a person “with knowledge of the SEC's findings,” Bloomberg reported that while some of the problems seem to represent mistakes, some may have been deliberate.
The 2010 Dodd-Frank Act gave the regulator greater authority to monitor the $3.5 trillion p.e. space. According to the source, by December 2012, SEC examiners had found evidence of miscalculation of fees, improper collection of money from portfolio firms and use of fund assets to cover company expenses.
“A lot of the practices, in the eyes of the SEC, raise conflicts,” Barry Barbash, co-head of the asset-management group at Willkie Farr & Gallagher in Washington, told Bloomberg. “The SEC wants those conflicts aired out and wants certain practices ultimately changed, and I’m sure we’re going to see it.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…