News & Analysis as of

Management Fees

Carried Interest and Other Tax Reform Highlights for Investment Funds and Asset Managers

• Significant corporate and potential individual tax rate reductions and a 25% individual tax rate on certain “qualified business income” would be introduced (although many fund investors and sponsors would not be eligible...more

SEC Sanctions UBS Re Sales Practices

by Dorsey & Whitney LLP on

The Commission has brought a series of cases involving investment advisers, broker-dealers and the fees charges to clients. Typically the clients are disadvantaged by not being informed about or given the opportunity to...more

Plan Fee Litigation: Protecting Fiduciaries

by Burns & Levinson LLP on

Targeting Educational Institutions - Since August, 2016, sixteen institutions of higher education with large retirement plans have become targets of federal lawsuits for breach of fiduciary duty under ERISA. To date, the...more

TPAs, Plan Fiduciaries Should React Proactively to U.S. Department of Labor Settlement

by Polsinelli on

In light of the recent settlement between the U.S. Department of Labor (DOL) and a health plan third-party administrator (TPA), plan fiduciaries and TPAs should re-examine, or even re-negotiate, portions of their current TPA...more

Employee Benefits Developments - August 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of August, 2017. Affordable Care Act – “I’m not dead yet!” - The Patient Protection and Affordable Care Act...more

ALJ Forces Combination of Hedge Fund Group in New York City - Tax Update Volume 2017, Issue 4

by Pepper Hamilton LLP on

On April 27, the New York City Tax Appeals Tribunal issued a decision requiring the related members of a hedge fund group to file a combined return for New York City tax purposes. However, the administrative law judge (ALJ)...more

Donating Fund Interests: A “Why Now?” and “How To” Primer

Due to increased valuation of public and private equities, coupled with the upcoming end of the sunset provision that allows hedge fund managers to defer taxation on fees earned offshore, there is an increased interest among...more

Illinois Senate passes "privilege tax" – deadline for final action is today

by DLA Piper on

The Illinois Senate has passed SB 1719, which would impose a 20 percent "privilege tax" on fees earned by partnerships and S corporations engaged in the business of conducting "investment management services."...more

Podcast - Shrink the Section 457A Tax on Hedge Fund Management and Incentive Fees and Expand Your Impact

by Ropes & Gray LLP on

In a recently released Ropes & Gray podcast, asset management partner Isabel Dische, tax partner Brett Robbins, and private client partner Cameron Casey discuss the effect of Section 457A on pre-2009 management and incentive...more

IRS Begins to Target Management Fee Waivers on Audit

According to a recent BNA news report, the Internal Revenue Service (IRS) has proposed adjustments and penalties to a private fund manager related to its use of management fee waivers and transaction fee offsets. Based on the...more

IRD consults on GST treatment of management fees and outsourced services

by DLA Piper on

'Questions we've been asked' (QWBA) are statements issued by the Office of the Chief Tax Counsel of the New Zealand Inland Revenue Department (IRD) in response to queries received on specific tax issues which are likely to be...more

Plan Sponsors Sued Over Fees on Multiple Plans and Vendors

by Ary Rosenbaum on

In a very novel retirement fee lawsuit, a plan sponsor is being sued over the cost of multiple plans and the use of multiple record-keepers....more

Global Private Equity Newsletter - Winter 2017 Edition: Broker-Dealer Registration in the Private Equity Fund Adviser Context: How...

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) announced on June 1, 2016, that Blackstreet Capital Management, LLC, a private equity fund advisory firm (BCM), and its owner had agreed to pay more than US$3.1 million to...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AMF Doctrine – Management Fees - The AMF, within the framework of the FROG Working Group (French Routes and Opportunities Garden, whose role is to develop the French asset management industry), updated on 8 November 2016...more

SEC Brings Two Proceedings Naming Auditors

by Dorsey & Whitney LLP on

The Commission initiated two proceedings involving auditors who improperly and repeatedly signed off on unqualified audit opinions. One action involved audits for a municipality and settled. In the Matter of Domenick F....more

SEC Charges Adviser With Fraud Tied to “Death Puts”

by Dorsey & Whitney LLP on

The Commission’s enforcement division and inspectors at OCIE continue to work closely and have developed a series of cases in recent months. One of the more unusual proceeding spawned through this relationship is the action...more

The effect of more 401(k) bundled provider litigation

by Ary Rosenbaum on

There is a proliferation of litigation against plan sponsors and against bundled 401(k) plan providers for offering their own proprietary funds in 401(k) plans for their employees as well as the 401(k) plans they administer...more

MoFo New York Tax Insights - Volume 7, Issue 8

by Morrison & Foerster LLP on

ALJ holds that a Retailer Must File on a Combined Basis with a Related Intellectual Property Licensing Company - A New York State Administrative Law Judge has held that a retailer must file combined corporate franchise...more

SEC Fines Private Equity Adviser for Failing to Register as a Broker-Dealer

by Latham & Watkins LLP on

The action may have significant implications for PE advisers performing brokerage services; highlights SEC’s focus on advisers receiving transaction-based compensation. On June 1, 2016, the Securities and Exchange...more

Launching a Hedge Fund in 2016: An Overview for US Managers

by Dechert LLP on

Despite a challenging environment for the hedge fund industry, many institutional investors continue to allocate to hedge funds in a market environment otherwise devoid of promising investment opportunities. While the hedge...more

Avoid the proverbial “Shrugging of the Shoulders”

by Ary Rosenbaum on

One of my pet peeves out there is when you give a list of complaints to a business or an organization and they give the proverbial “shrug of the shoulders”. The “proverbial shrug” is basically the business or the organization...more

Partnership Audits of Private Equity Firms on the Rise

by Dechert LLP on

There has been buzz in the tax and private equity communities about the rise in audits of private equity firms by the Internal Revenue Service (“IRS”). This has been fueled by the restructuring of the IRS’ Large Business &...more

UK Taxation Update for Investment Managers

by Dechert LLP on

The shifting sands of the taxation landscape for investment managers continues apace. Just when you perceive an oasis of stability on the horizon, it is revealed to be a mirage by the announcement of yet further changes....more

Advisors Advantage - February 2016

by Ary Rosenbaum on

Avoiding The “Bumps” Of Being A Retirement Plan Provider - I’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out...more

Regulatory And Litigation Hot Topics For Private Funds In 2016

Private investment funds are likely to face increased regulatory scrutiny and litigation risk in 2016, not only based on the Securities and Exchange Commission’s focus on the industry but also due to transparency and...more

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