Another Lesson For Private Funds On Expense Allocation
Law360, New York (May 22, 2015, 10:07 AM EDT) -- The U.S. Securities and Exchange Commission has settled an administrative proceeding against a hedge fund manager, its 95 percent owner and chief executive officer, and its general counsel (who also served as chief operating officer), arising out of allegations that the fund manager improperly used fund assets to pay for adviser-related operating expenses. This proceeding, In re Alpha Titans LLC, is the latest in a series of actions by the SEC against private fund managers in connection with alleged improper shifting of management company expenses to private fund clients, and follows proceedings against Clean Energy Capital and Lincolnshire Management Inc. during 2014....
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