New York State Registered Hedge Fund IARsNov. 18, 2021
A list of New York-registered hedge funds and their representatives who are specifically licensed to do advisory work in New York is now available on the Empirasign web app.
Why is this new?
This information has never been publicly available before because representatives of investment advisers and solicitors were not required to register with the state of New York prior to February 1st of this year. Revisions to Title 13, part 11 of the New York Code of Rules and Regulations adopted in December 2020 introduced new registration and examination requirements for Investment Adviser Representatives (IARs) who meet certain conditions -- generally, six or more NY State domiciled investors and 10% or more of AUM being controlled by individual investors. The new rules went into effect on February 1st, with a registration compliance deadline of August 31st. Examination requirements must be completed by December 2nd.
A press release from the NY Attorney General explains that these changes were enacted in order to modernize and simplify the state's securities registration process, as well as to help protect New York investors from fraud - which became significantly more prevalent as a result of the COVID-19 pandemic.
Why is this information useful?
Prior to these changes, the contact information for portfolio managers and analysts at SEC-registered Hedge Funds in New York was largely unavailable, as they generally did not have to register as IARs. Previously, one would have to rely upon a hodge-podge of personal and internal tools or subscribe to error-ridden commercial personnel database products in order to ascertain these contacts. For those who have met the criteria described above, this is no longer the case. Verifiable names, addresses, contact information, and place of employment for these IARs is now published in an easy-to-use format on the Empirasign web app.
Where is this information sourced from?
The application for initial registration as an investment adviser is made by filing Form ADV with the CRD/IARD system. These forms disclose information including a firm's AUM and compensation structure, allowing us to identify firms which meet the criteria of a hedge fund.
- NY State Investment Adviser FAQs (ag.ny.gov)
- Attorney General James Announces Final Rules to Modernize and Streamline Securities Filings in NYS (ag.ny.gov)
- New Registration and Examination Requirements for New York Investment Adviser Representatives (Lowenstein Sandler LLP)
- New York Adopts New Registration and Examination Requirements for Certain Investment Adviser Related Personnel and Solicitors (Katten Munchin Roseman LLP)
- 13 NYCRR Part 11 PDF
- Form ADV PDF