kaal:claim:2739479-009

Smaller private funds spend more on compliance than larger ones, both as a share of AUM and relative to operating costs, which means increasing regulatory scrutiny falls disproportionately on smaller funds.

Source quote, verbatim

Smaller private funds spend more on compliance costs than their larger counterparts—both as a percentage of AUM and in relation to oper- ating costs; this suggests that increasing regulatory scrutiny disproportionately impacts smaller funds.

From

Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016), II.1. Private Fund Industry Trends, p. 18
https://ssrn.com/abstract=2739479 · source PDF

Cite as

Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

Holds when

private fund advisers subject to Dodd-Frank compliance obligations
compliance measured as share of AUM and of operating costs

Classification

failuresupport: evidencedfailure: Regressive compliance burdenfamily: compliance-cost-and-barrier-to-entrycompliance

Verify

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