# kaal:claim:2739479-038

**Claim.** 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.

**Type.** predictive  **Support.** speculative

**Holds when.**

- long-run private fund industry structure
- author marks it as unclear whether AUM preference changes become permanent

**Source quote.**

> 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, page 52

**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

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Topics.** compliance, regulatory-failure

**Keywords.** industry-consolidation, family-offices, compliance-costs, regulatory-arbitrage, policy-implications

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