미국 헤지펀드의 투자전략 확대 및 규제정책 방향에 대한 고찰
The Expansion of Imvestment Strategies and Regulation Policy of Hedge Fund in the U.S.
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The rapid increase in the size of hedge fund assets has contributed to an increase in stockholder activism by hedge funds. The hedge fund managers have adopted a more activist strategy, seeking to create profit opportunities. The hedge fund industry has experienced an enormous growth in assets. In order to meet their clients' return expectations, some hedge fund advisers are moving away from traditional public securities investment and devoting assets to less liquid strategies, often holding large equity stakes in private companies. Consequently, the once obvious distinction between private equity fund and hedge fund now lacks clarity. Recently the hedge funds control the massive assets under management, and although they can cause serious damage to investors, other financial firms, and to the entire U.S. financial market, they are scarcely regulated. SEC adopted a new rule and rule amendment under the investment advisers act of 1940 which required advisers to hedge funds to register with SEC under the investment advisers act. But those rules were overturned by the D.C. Circuit Court of Appeals because those rules were invalid as conflicting with purposes underlying the statute. The economy in the U.S. is under the financial crisis. One of major causes of the current crisis is a lack of transparency. Some senators try to introduce the bill which amends the invest- ment company act of 1940 to make it clear that SEC has the authority to require hedge fund registration in 2009. Those senators argue that it is time to subject financial heavyweights like hedge funds to federal regulation and oversight to protect our investors, markets, and financial system.
Abstract
The rapid increase in the size of hedge fund assets has contributed to an increase in stockholder activism by hedge funds. The hedge fund managers have adopted a more activist strategy, seeking to create profit opportunities. The hedge fund industry has experienced an enormous growth in assets. In order to meet their clients' return expectations, some hedge fund advisers are moving away from traditional public securities investment and devoting assets to less liquid strategies, often holding large equity stakes in private companies. Consequently, the once obvious distinction between private equity fund and hedge fund now lacks clarity. Recently the hedge funds control the massive assets under management, and although they can cause serious damage to investors, other financial firms, and to the entire U.S. financial market, they are scarcely regulated. SEC adopted a new rule and rule amendment under the investment advisers act of 1940 which required advisers to hedge funds to register with SEC under the investment advisers act. But those rules were overturned by the D.C. Circuit Court of Appeals because those rules were invalid as conflicting with purposes underlying the statute. The economy in the U.S. is under the financial crisis. One of major causes of the current crisis is a lack of transparency. Some senators try to introduce the bill which amends the invest- ment company act of 1940 to make it clear that SEC has the authority to require hedge fund registration in 2009. Those senators argue that it is time to subject financial heavyweights like hedge funds to federal regulation and oversight to protect our investors, markets, and financial system.
참고문헌 (34)
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