Hedge funds and private equity firms face new requirements to disclose fees and restrictions on giving investors special treatment under sweeping rules the US Securities and Exchange Commission plans to impose on Wednesday.
The five-member commission is set to vote to require private funds to detail quarterly fees and expenses to investors. Firms also would be prohibited from allowing some favored investors to cash out more easily than others — unless those deals are offered to all other fund investors. It is the latest bid by the SEC under Chair Gary Gensler to tighten its grip on the fast-growing, multitrillion-dollar industry.
It’s unclear whether the industry will view the changes in the final version as sufficiently addressing their concerns — or at least enough to stave off a major legal challenge. In one significant revision, the SEC plans to scrap a provision that would have made it easier for investors to sue fund managers when wagers go sour.
If firms engineer complex deals to cash out investors and transfer older positions from one fund to another, they will need an independent auditor to ensure investors are getting a fair deal. Private equity firms and hedge funds often charge investors fees as much as 2% of the money they manage and take a cut of 20% of profit. They also collect other charges from investors and the companies in which they invest.
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