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ADVERTISING BY INVESTMENT ADVISERS—A Brief Overview

When the SEC adopted its modern advertising rules in 1961, it said that “advisers are professionals and should adhere to a stricter standard of conduct than that applicable to merchants.” As an investment adviser—whether state or SEC-registered—you are accountable for all of the information that is included in your advertising. In sum, the information therein must be truthful and supportable, and if it includes any performance results, you must follow the specific rules set forth herein, and have documentation supporting that performance.

FOUNDER’S SHARE CLASSES: How to Structure and Market Them

In the current environment, it is challenging for emerging managers to attract investors and capital. Yet, studies are showing that emerging managers are outperforming more established mega funds with similar risk. This is an important selling point for talented emerging fund managers who offer a founder’s share class. In effect, they can offer investors the best of both worlds—higher returns as a result of demonstrable outperformance and lower fees.

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