# kaal:claim:2715083-024

**Claim.** The subadvisory route leaves a regulatory gap: none of the mutual fund manager's obligations, such as daily valuation, public and SEC reporting, or independent boards, reach the private fund adviser serving as subadviser.

**Type.** failure  **Support.** asserted

**Holds when.**

- private fund managers subadvising a mutual fund, subfund, or account

**Source quote.**

> none of the mutual fund manager's regulatory obligations (such as daily valuation, public/SEC reporting, independent boards, etc.) apply to the private fund subadviser.

**From.** Kaal, *Confluence of Mutual and Private Funds* (2016), IV.1 Investor Preferences, footnote 29, page 11

**Cite as.** Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

**Verify.** sha256 of source PDF `b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Confluence%20of%20Mutual%20and%20Private%20Funds.pdf

**Failure mode.** Subadviser regulatory gap  (family: enforcement-gap)

**Topics.** economics

**Keywords.** subadvisers, regulatory-gap, liquid-alternatives, daily-valuation

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.