kaal:claim:2732915-035

Of those who responded, 75.4 percent indicated that the profits of their investment management company were affected by the new registration and disclosure requirements, consistent with the management company, rather than the fund, bearing most of those costs.

75.4% indicated that the profits of their investment management company were affected. This is consistent with anecdotal evidence suggesting that it is the investment management company that bears the majority of costs associated with the registration and disclosure requirements.

Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016), IV. Results, 4. Fund Earnings, p. 32
https://ssrn.com/abstract=2732915 · source PDF

Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915

• responses to survey question 12
• supported by anecdotal evidence on cost allocation

empiricalsupport: evidencedcomplianceempirical-evidence

• supports kaal:claim:2150377-030 The incidence of Dodd-Frank compliance cost falls on the management company rather than the fund: the response...
• extended_by kaal:claim:2739479-036 By 2015 a clear majority of respondents, 93 percent, attributed effects on their investment management company...
• extended_by kaal:claim:2816408-010 Private fund managers themselves distinguish costs from returns: a majority of surveyed managers opined that D...

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