Alternative investment funds publications and resources

	Federal, State, and International Tax Audits in the Alternative Investments Industry This Q&A document summarizes the key issues addressed in the PwC webcast, Tax Audits in the Alternative Investments Industry.

	Alternative Investment Fund Reporting Under the New Cost Basis Reporting Regime In response to the broker cost basis reporting requirements, the IRS has released a revised Schedule D - Capital Gains and Losses and a new supporting schedule, Form 8949 – Sales and Other Dispositions of Capital Assets for partnerships and corporations for tax year 2012. This new form is intended to assist the IRS with the reconciliation of a taxpayer's basis records and the amounts of gains and losses being reported with its brokers' records of such amounts. However, it is not expected to be used to reconcile differences that result when a taxpayer and a broker do not agree on the particular lot that has been relieved and so it emphasizes the importance of funds and brokers addressing lot relief methods upfront.

	From black box to open book: Hedge fund trust and transparency US hedge funds have enhanced transparency, controls and infrastructure, gaining the trust of institutional investors. Across the hedge fund value chain, a new framework is emerging that is improving investor protection that is still in process.

	Attracting pension plan assets: What alternative investment managers need to know Retirement plan sponsors are reconsidering alternative investments like hedge funds and private equity funds due to the lower historical volatility and higher returns. Alternative investment managers need to be aware of increased data requests to satisfy the increased transparency requirements of institutional investors.

	Form 8938 and Specified Foreign Financial Asset Reporting for Alternative Funds under §6038D In December 2011, the IRS issued a final version of Form 8938, Statement of Specified Foreign Financial Assets, along with instructions. Form 8938 is devised to facilitate the SFFA reporting requirements of §6038D, and requests information on account owner, type and value. This document provides an overview of the current filing requirements and the type of assets that are required to be reported.

	Asset Management M&A Insights: Navigating through stormy markets The instability and uncertainty of recent markets has left merger and acquisition activity unchanged from depressed levels in prior years, despite pent-up demand among buyers. Growth is clearly back on corporate agendas as CEOs are focused on how to best capture and maximize new revenue opportunities. Learn more in this inaugural issue of Asset Management M&A insights.

	US Asset Management - The State of the Industry This paper explores what we believe to be among the key challenges facing the industry, as it continues to grapple with a number of difficult issues, including: Product development, Evolving investor expectations, Mergers & acquisitions, Global tax risk, Global sourcing, Tax optimization, Performance measurement, Talent management, Regulatory change (including Dodd Frank, FATCA and more).

	Hedge Funds 2.0: Infrastructure: From Cost to Benefit This paper outlines why stronger hedge fund sector infrastructure is essential and discusses what this involves and the benefits it will bring

The lull before the storm: AIFMD News Edition 8, Spring 2011
In this edition of AIFMD News we discuss the latest developments and consider what clients should be doing to prepare for the Directive's implementation.

10th annual alternative investments seminar highlights
PwC recently held its 10th annual alternative investments seminar series across the country and internationally to explore the challenges facing the industry now and in the coming decade. The attached publication captures highlights from the seminar and provides insight into the key trends and developments discussed at the seminars.

US tax implications for sovereign wealth funds of financial derivative investments
SWFs have begun hedging the foreign currency and interest rate exposures on their investments with financial derivatives. Further, SWFs have also begun to utilize financial derivatives to achieve the fundamental economic exposure that their fund managers may be seeking.

From black box to open book: Hedge fund trust and transparency
Our view is that there is room for further improvements related to conflicts of interest and operational controls to allow the sector to truly fulfil its growth potential. As allocations to hedge funds increase, trust and transparency will now be crucial factors in winning investors’ favour for allocations of assets.

Asset management valuation survey
In order to help asset management respond effectively to regulatory and investor demands, PwC conducted a web-based survey designed to gather, analyze and share information about emerging trends in the valuation governance process.

Infrastructure investing: Global trends and tax considerations, part II
This article focuses on recent developments concerning the infrastructure space in the United States and other countries such as Australia, Mexico, and Spain. It is arranged as follows: (I) Current trends and recent developments in the infrastructure arena, (II) Country-specific tax considerations, and (III) Conclusion.

Pay to play
“Pay-to-play” is the practice of making campaign contributions and related payments to elected officials in an attempt to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts.

Private fund advisers: Integrating testing into a risk-focused compliance program
The financial services industry that has emerged from the recent market turmoil is one that has stricter standards, greater regulatory scrutiny, and higher client expectations for alternative asset management firms. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act many hedge fund and private equity fund advisers (private fund advisers) will be required to register with the Securities Exchange Commission (SEC).

PwC's Financial Services Regulatory Practice: How we can help private equity advisors
Financial regulatory reforms passed in July 2010 will require most private equity (PE) fund advisors to register with the US Securities and Exchange Commission (SEC). After being exempt from registration for more than 70 years, PE advisors will be subject to the full scope of the Investment Advisers Act of 1940, increased disclosure and reporting requirements, and periodic inspections by the SEC. Importantly, because Congress left critical details for rule making to regulatory agencies, this adjustment will be a multiyear process.

PwC's Financial Services Regulatory Practice: How we can help quantitatively driven asset managers
This document provides a closer look at high frequency trading compliance and regulatory issues for asset managers and how PwC can help address regulatory compliance issues and manage regulatory risk effectively.

FS regulatory briefs*
These briefs provide a timely analysis of recent regulatory changes. This edition covers Private Fund Investment Advisers Registration Act of 2009.

GIPS take two: The second generation of global investment performance standards
This point of view discusses what changes to GIPS will mean for asset managers.

Alternative investment funds publications and resources

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