Internally Managed Private Funds: A Structural Option to Avoid SEC Investment Adviser RegulationOct31

For years internally managed private funds (IMFs) have been a seldom-used business model which has not proliferated in the private funds industry. Given the current regulatory environment, however, private fund advisers may want to consider forming an IMF that is tailored to their investor base in order to organize and operate their business in a more cost-efficient manner outside the purview of the Investment Advisers Act of 1940 (the Advisers Act) and related SEC regulation and examination

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Sifting the Emerging from the SubmergingOct14

In Emerging Asia, we continue to underweight China and India but a little less so with somewhat improved terms-of-trade. In Emerging Europe/Middle East/Africa, the oil exporting markets of Saudi Arabia, Qatar, Kuwait, and U.A.E. are still overweighed although their terms-of-trade trend based on an 18-month trend has become more muted. In Latin America, we continue to overweight Brazil and Chile with inexpensive valuations. On the negative side, as metal/mining exporters, they have had decidedly downward terms-of-trade trend

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