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 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
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 "citation": "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",
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 "abstract": "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.",
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