Publications

FS Viewpoints
Our series of timely, thought-provoking and informative publications on current issues impacting the financial services industry.

A Closer Look: The Dodd-Frank Wall Street Reform and Consumer Protection Act
Through this series, recognized leaders in our Regulatory practice will take A Closer Look at how the Act will impact several distinct market segments.

Articles and observations on regulatory and market developments in the mutual fund market of interest to mutual fund audit committee members.

	Top Issues Facing Asset Managers The asset management industry faces challenging markets, regulatory reform, competition for clients and talent, and new expectations from investors, regulators, industry partners and other stakeholders. In spite of these challenges, the asset management industry is positioned for future growth.

	Current developments for mutual fund audit committees: 31 March 2012 Articles and observations on regulatory and market developments in the mutual fund market of interest to mutual fund audit committee members.

	A fast take on the impact of the Dodd-Frank Act on asset management firms Several provisions of the Dodd-Frank Act impact the asset management industry, either directly as regulated investment advisers, or indirectly as participants in the markets. Here is a summary of how Dodd-Frank impacts asset managers.

	Asset Management Alert: India proposes legislative tax amendments India proposed legislative amendments to its income tax law that include the introduction of general anti-avoidance rules and provisions to retroactively tax indirect transfer of shares of overseas entities with substantial underlying Indian asset value.

	2011 US Asset Management reward and talent management survey PwC's 2011 US Asset Management Reward and Talent Management Survey gives human resource leaders insight into emerging trends and best practices in talent acquisition and retention. Volatile financial markets, minimal M&A activity, global regulatory reform and greater investor scrutiny continued to pressure asset managers, HR leaders are redesigning incentive and governance structures to support evolving business objectives and grow their human capital base.

	Asset Management M&A Insights: The way forward 2011 was the worst year in global asset management mergers and acquisitions in five years. European bank divestitures, continuing improvement in valuations and strong buyer interest should improve in 2012. Competition for growth is increasing and continuing uncertainty could make managing performance difficult.

	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.

	How do the proposed FATCA regulations impact Asset Managers? Long-awaited proposed regulations providing guidance on FATCA issued -- including specific implementation issues relevant to asset managers.

	Current Developments for Mutual Fund Audit Committees, 31 December 2011 This edition of Current Developments includes articles on complex investments, sub-advisor oversight, FASB proposes to amend investment company definition, SEC concept release on the use of derivatives and comments on valuation.

	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

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.

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.

Global Private Banking and Private Wealth Survey
In PwC's 2011 biennial report, which surveyed a record 275 institutions from 67 countries, we found that wealth management continues to be a lucrative business with untapped potential for significant growth if institutions can be agile in adapting to meet changing demands.

Similarities & Differences: A comparison of US GAAP and IFRS for investment companies
Now in it's third edition, this publication provides a general overview of the key similarities and differences between the accounting principles generally accepted in the United States (US GAAP) and International Financial Reporting Standards (IFRS) as they are applicable specifically to investment companies.

A first look at the Regulated Investment Company Modernization Act of 2010
This publication summarizes the key provisions of the Act, notes particular areas for your consideration, and offers PwC's observations and insights.

Taking stock – AIFMD News Edition 7
The purpose of this briefing is to take stock, review the final terms of the directive, consider the next steps both in the legislative process and what the industry’s response should be.

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.

4th Quarter 2010 current developments for mutual fund audit committees
The document includes PwC articles & observations for the quarter, tax developments, summary of developments for this and the previous quarter and publications of interest to mutual fund directors.

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).

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.

Working Guide for an Investment Company's Audit Committee
For more than 30 years, as part of our commitment to the US investment management industry, we have been providing this reference tool for use by audit committees of registered open-end and close-end investment companies.

Thoughts from the boardroom: A frank discussion
PwC recently played host to directors of major mutual fund boards for a roundtable discussion of their perspectives on current issues in the industry with respect to mutual fund board duties and responsibilities.

PricewaterhouseCoopers' 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.

Potential Reclaim of Certain EU Withholding Taxes by US Registered Investment Companies: European Court Judgement in the Aberdeen Case
As reported in our Newsalert of May 18, 2009, recent cases brought to the European Court of Justice (the "ECJ") may create an opportunity for U.S. regulated investment companies ("RICs") and certain other non-EU-domiciled investors to assert a basis for exemption from (and reclaims of) domestic withholding tax on dividends and other investment income received from portfolio investments in various European Union jurisdictions. This update covers the most recent case relevant to this topic.

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.

Movement towards IFRS: what is the potential for impact on processes, systems and controls for investment companies
This point of view discusses considerations, and steps you can be taking now to best position your organization.

Emerging Trends in Real Estate® 2010
Produced by PwC and the Urban Land Institute ULI), Emerging Trends in Real Estate, now in its 31st year, is the oldest, most highly regarded annual industry outlook for the real estate and land use industry and includes interviews and survey responses from more than 900 leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants.

Valuation process transparency: Demands challenge asset managers and directors
This publication stresses the importance of asset managers taking a proactive approach to their valuation process in order to protect both themselves and their shareholders.

Seeking transparency in uncertain times: Refocusing your investment adviser due diligence program
It is no longer advisable for investors to rely on the historical performance returns of investment managers.

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

PwC alternatives: Volume 4 no. 2
This issue includes the following: Regulatory changes in the US and the EU directive; The "Big Bang" Protocol and its effects on credit default swaps; Prepare for transition – the FASB codification; Dark pools of liquidity; All aboard! The impact of the NYS MTA payroll tax on alternative investment fund managers; Tax developments in China; Legislative developments in India: New tax code and limited liability partnership legislation.

Capitalizing on a climate of change
The issue of climate change is evolving from primarily a scientific and public policy concern to one of business risks and opportunities. Until recently, the impact of climate change on the deal market was barely on the radar of most businesses. However, national policy action on greenhouse gas emissions is requiring companies in virtually every industry to think about the impacts of energy and climate policies on their businesses.

Global Private Banking and Wealth Management Survey 2009 -- A new era: Redefining ways to deliver trusted advice
Established since 1993, this year's survey features data from 238 wealth managers in 40 countries. It includes input from senior management, with respondents ranging from global banks to specialists boutiques, family offices and high net worth individuals, providing significant insights into the global private banking and wealth management marketplace. Click to learn more about this year's key themes and findings.

Asset management news, June 2009
AM news is produced by professionals in their particular field at PwC, to address important issues affecting the asset management industry.

Investment management & real estate perspectives
This publication examines trends and issues impacting the asset management industry -- and features interviews with Darrell Crate of AMG, Mohamed El-Erian of PIMCO, Mark Fetting of Legg Mason, Howard Marks of Oaktree Capital Management, and Bob Pozen of MFS.

Executive Oversight: Meeting governance and oversight challenges in a difficult economy
This paper highlights the areas that we believe merit more attention from investment managers, given the realities of today's economic environment.

Revised foreign bank account reporting causes additional burdens for investment funds and advisors
Investment fund managers should be aware of major changes to the foreign bank account reporting rules that impact filings due on June 30, 2009.

Why Change Money Market Funds?
This paper discusses the increasing debate around the call for money market change and new regulation, as a result of the credit crisis. It shares recent activities, opinion and testimony on the topic, and poses questions for consideration as the oversight debate continues.

Hedge fund regulation: How should alternative investment firms prepare for regulatory change?
Reform of the financial markets architecture is clearly on the horizon. What will the new regulatory environment mean for hedge funds and other alternative investment managers, and how should managers begin preparing for the inevitable changes?

Investment Management 'Point of View' Series
PwC has developed 'point of view' series on a range of auditing, accounting, advisory and regulatory issues affecting our clients and our profession. Topics include securities lending, forensic testing, rogue trading, maximizing talent, FAS 157 implementation, wealth management, M&A due diligence, internal controls reporting for hedge funds, evolution of investment management sourcing, and guidance on auditing compliance programs. Click here to request copies.

The mutual fund advisory contract review process: Simplifying complexity
This paper provides insights into the current environment, working practices and ongoing challenges trustees face in the advisory contract review process, and based on PwC's experience, includes recommendations for trustees and the advisor to consider.

Similarities and differences: A comparison of US GAAP and IFRS for investment companies
This publication is designed to provide a broad understanding of the major differences between US GAAP and IFRS as it pertains to investment companies. While this publication does not attempt to address every difference, it focuses on a number of differences PwC considers most significant and/or most common.

Investment company pricing and valuation: A focus on management responsibility and board oversight
An update of our guide originally issued in 2000. The purpose of this guide is to help management of investment companies and their boards meet the increasing challenge of portfolio securities valuation.

Harvesting value while reducing costs: A rapid approach to organizational restructuring
Financial services executives view access to key talent as a crucial source of competitive advantage. As CFOs carry out cost-cutting initiatives, they cannot afford to risk cutting the wrong people. Using a staged approach to cost reduction enables companies to build on quick wins and gradually create a culture of cost management. Value-based organizational restructuring, which quickly generates cost reductions without sacrificing valuable talent, can help fund subsequent reduction efforts, including sourcing, process reengineering, and technology automation, while optimizing the long-term value of the organization and its talent

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