The Securities and Exchange Commission has charged New York-based registered investment adviser Global Infrastructure Management with failing to properly offset its management fees and for making misleading statements about the fees and expenses it charged.
To settle the charges, Global agreed to pay a $4.5 million penalty. It also voluntarily repaid $5.4 million to its affected private fund clients.
According to the SEC’s order, Global failed to offset certain portfolio company fees against management fees charged to clients, as required under its offering and governing documents. As a result, clients overpaid millions in additional management fees. The SEC’s order also found that Global provided investors with inconsistent statements about how Global would calculate management fees. In addition, the SEC’s order found that deficiencies in Global’s compliance program led to the violations.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
