Changing AUM preferences driven by compliance costs could eventually produce industry consolidation aimed at cost savings, or drive a shift toward family offices that manage no third-party assets and therefore escape the regime.
Source quote, verbatim
from a policy perspective, changing AUM preferences associated with compliance costs could eventually result in consolidations that facilitate cost savings or precip- itate a trend towards family offices that do not manage third-party assets.
From
Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016), V. Summary of Key Findings and Policy Implications, p. 52 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
long-run private fund industry structure
author marks it as unclear whether AUM preference changes become permanent
The quote above is an exact substring of the source PDF, whose sha256 is b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730. Extraction method: pdf-text-layer. Attestation record: colloquium/attestations/c30d859c2059ef1b...json Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2739479-038.md | sha256sum