Following the Money - Investment Frameworks and Expansion

What Is the Regulatory Framework? Investment Advisers Act of 1940 - Must register if: • The general partners are considered to have more than 14 "clients"; each partnership under management is considered to constitute one "client" • Discretion is afforded investors on choosing individual investments (e.g., pledge funds), therefore seen as individual clients Acting as ERISA fiduciary or a QPAM Review state laws - Morgan Lewis 27 7

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