SEC Proposes Rule Permitting Manager-of-Managers Arrangements
Mondaq Business Briefing › United States Law Articles in English (2003)
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SEC Proposes Rule Permitting Manager-of-Managers Arrangements
The SEC proposed new Rule 15a-5 under the Investment Company Act of 1940 (the "1940 Act") that would eliminate the need to obtain exemptive relief for "manager-of-managers" arrangements by codifying many of the conditions of manager-of-managers exemptive relief granted by the SEC in the past. (In a manager-of-managers arrangement, one or more sub-advisers manage a fund's assets subject to the supervision of an investment adviser (the "principal adviser") that may generally hire and fire sub-advisers and materially amend sub-advisory agreements without se...
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