Thursday’s Headlines: Hedge funds are adding compliance staff

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Transparency is the buzzword these days at the overwhelming majority of the nation’s hedge funds, according to a story in FIN Alternatives, a daily newsletter about hedge funds and private equity firms.

A recent study by KPMG and the Alternative Investment Management Association shows that 98 percent of 100 hedge funds surveyed have hired additional staff to deal with regulatory compliance since 2008.

The changes have been spurred by growing demands from regulators and institutional investors. More than 80 percent of the hedge funds report that they’ve improved transparency for investors while nine in 10 say they’ve seen an increase in demand for due diligence.

There’s been an upside to this increased attention to transparency and compliance: two-thirds of hedge funds say it’s paid off with new pension fund investments.

 

Other News:

Private equity firm Silver Lake has teamed up with investment management company Partners Group to buy Global Blue, a tax-free shopping business. [DealBook]

J.P. Morgan plans to name Joseph Walker as vice chairman of its investment banking unit. [Dealbook]

Bank of America says it will buy back $330 million in home loans from Freddie Mac following a disclosure of irregularities in how the loans were made. [Bizjournals.com]

Barclays Bank reports that it will receive proceeds of $5.5 billion from the sale of its stake in BlackRock, Inc. [Bloomberg]

Fortress Investment Group, whose funds own 77 percent of mortgage service Nationstar Mortgage Holdings, is poised to become the leader in the race for the $4 trillion market in home loan collection rights. [Bloomberg]

Morgan Stanley and other underwriters have made a profit of more than $100 million stabilizing Facebook Inc. stock since trading began Friday. [WSJ]

The JOBS Act contains provisions lifting the rule that bans hedge funds from soliciting or advertising to the general public. [Hedgefund.net]

The Securities and Exchange Commission has named the founder and chief operating officer of a Florida hedge fund in a lawsuit for their roles in an alleged Ponzi scheme. [Hedgefund.net]

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