PwC publications on asset management, alternative investments, and real estate

Featured items

Mouse over publication images for a brief description.

Current developments for mutual fund directors
The Q1, 2016 publication is now available. This publication includes featured articles on topics impacting the mutual fund industry, a summary of recent developments, together with links to recent publications of interest and PwC resources.

Trust and Transparency Solutions: Understanding the impact of updates
to the FICCA Framework

The Investment Company Institute recently released changes to the Financial Intermediary Controls and Compliance Framework (FICCA). This report summarizes those changes and how they might affect your organization.

Working guide for an investment company’s audit committee
This guide presents considerations for audit committees with significance to open- and closed-end funds’ financial statements and their internal controls, as well as matters pertaining to their relationships and communications with management and internal and independent auditors.

US Asset and Wealth Management M&A Insights: Reaching new heights
In a year where overall US M&A volume hit record highs, the asset and wealth management sector was one of the more active sectors in terms of volume of deal activity, while lagging behind in terms of value of total announced deals. This publication provides perspectives on the recent trends and outlook relating to asset and wealth management mergers and acquisitions activity in the US.

Transforming asset management operations: Insights from PwC’s 2015 Global Operations Survey
As asset management moves into center stage for the global economy, operations leaders are positioned to influence their companies’ destinies like never before. This requires making choices on which capabilities to build across the enterprise.

ETFs: A roadmap to growth (preview)
Our upcoming publication, “ETFs: A roadmap to growth” presents our perspectives on how the ETF industry will evolve over the next five years.

ETFs: A roadmap to growth (preview)
Our upcoming publication, “ETFs: A roadmap to growth” presents our perspectives on how the ETF industry will evolve over the next five years.

2015 Mutual Fund Developments: Looking back to see what’s ahead
This report casts a very broad net and explores the array of historic changes confronting the industry over the past year—including changes in investor preferences, regulation, financial reporting, auditing, and taxation.

Changes to Australia's concessionally taxed collective investment vehicle (Management Investment Trust) regime introduced into Parliament
This alert explores some of the recent developments regarding the Tax Laws Amendment 2015 and related Bills introduced into the Australian Federal Parliament to implement the new tax regime for MITs and a number of related amendments.

Financial Services: 2015 SEC comment letter trends
This paper discusses the recent areas of focus and applicable accounting or reporting guidance in SEC staff’s comment letters issued over the past few years to registrants within the financial services industry.

Current developments for mutual fund audit committees, September 30, 2015
The Q3, 2015 publication is now available. This issue addresses industry hot topics and trends impacting the mutual fund industry and includes featured articles, relevant publications of interest, and upcoming webcasts and industry conferences.

Current developments for mutual fund audit committees, September 30, 2015
The Q3, 2015 publication is now available. This issue addresses industry hot topics and trends impacting the mutual fund industry and includes featured articles, relevant publications of interest, and upcoming webcasts and industry conferences.

Asset Management 2020 and beyond: Transforming your business for a new global tax world
By 2020, how an asset management firm deals with tax risk will be viewed as a competitive advantage or disadvantage. Investors will expect robust and efficient tax infrastructure and will have minimal tolerance of tax uncertainty or tax adjustments. As a result, tax will be a key operational and business activity, requiring specialist resources, a new approach and integration into front, back and middle office activities. So what will be the drivers for this new global tax world? And how will investment firms transform to meet these challenges as the industry becomes an even more significant part of the financial services sector?
 


Shared Success: Where risk, efficiency, tech, and customer experience meet
Want to reduce duplication and dissolve silos? Using a shared approach to process mapping can help get the job done.

All aboard: Delivering the onboarding experience customers demand
How can financial institutions streamline and enhance customer onboarding to promote long-term, profitable relationships?

Money is no object: Understanding the evolving cryptocurrency market
What is cryptocurrency? How might the technology behind it disrupt financial services? How might this new market evolve?

Evolution of the mutual fund transfer agent: Embracing the challenges and opportunities
The mutual fund industry landscape has changed over the past 30 years to accommodate investors’ moves toward using intermediaries. There have also been changes in the relationships among mutual funds, their transfer agents, and intermediaries. In a process that offers investors a more efficient way to access a wider choice of mutual funds, the industry has evolved toward the use of omnibus subaccounting.

Not a game of chance: The case for stronger collateral management
When trading, financial firms must apply a greater focus on collateral. How can they make the most of their resources?

Swap Guidance €“ May 2015 Developments
This alert explores some of the recent developments regarding the highly-anticipated section 871(m) regulations and updates to the notional principal contract (€œNPC€) regulations.

Significant others: How financial firms can manage third party risk
Using third party service providers can be a risky business. Get fewer headaches by getting on top of the problem.

The extra mile: Risk, regulatory, and compliance data drive business value The extra mile: Risk, regulatory, and compliance data drive business value
Want to enhance business value while responding to risk, compliance, & regulatory needs? Learn how to go the extra mile.

Ditch the product pitch: Winning through customer-focused content Ditch the product pitch: Winning through customer-focused content
Pitches don€™t sell products€”emotional connections do. How to win customers€™ hearts through personalized content.

Asset Management M&A Insights: In pursuit of growth Asset Management M&A Insights: In pursuit of growth
This publication provides perspectives on the recent trends and outlook relating to asset management mergers and acquisitions activity in the US.

Rebooting wealth management
Over the next 50 years, more than $41 trillion in assets will be transferred between generations. To stay competitive, wealth managers and their firms must invest to improve technology, processes and strategy. Learn how Salesforce and PwC can help your firm maximize client relationships.

Exchange Traded Funds (ETFs): Outlook to 2020
Exchange Traded Funds (ETFs) are no longer considered a niche product. New investor segments continue to integrate ETFs into their portfolios and fund sponsors continue to introduce new products.


Seed capital: Investing in product innovation Seed capital: Investing in product innovation
PwC€™s Seed Capital Program Survey collates data from 16 participating asset management firms regarding their seed capital program strategies. This article summarizes several of the survey€™s key findings.

State of compliance 2014: Financial services industry brief State of compliance 2014: Financial services industry brief
Even though the corporate compliance function is better developed in the financial services sector than in other industries it continues to evolve.

Certain total return derivatives facing increased scrutiny Certain total return derivatives facing increased scrutiny
On July 22, 2014, the Senate Permanent Subcommittee on Investigations (€œPSI€) held a hearing entitled €œAbuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits.€ Although the purpose of the hearing was to probe the use of a particular trading strategy by certain hedge funds, it may result in increased scrutiny around total return derivatives and swaps in general and may further shed a negative spotlight on the industry.

Asset manager SIFI designation: Enter SEC Asset manager SIFI designation: Enter SEC
Expect more SEC scrutiny of asset managers, and Fed supervision of the very largest.

Making the middle office top of mind: Transforming the asset management middle office to a bottom-line contributor
Leading asset managers are rethinking the middle-office function and using right-sourcing to cut costs and bolster revenue.

Enhanced prudential standards first take: Our observations on the Federal Reserve's final rule Nonbank SIFIs: No solace for US asset managers
A few, large US asset managers continue to be poised for designation as nonbank SIFIs.

Asset Management 2020: A Brave New World Asset Management 2020: A Brave New World
This report explores how the asset management industry€™s operating landscape will change by 2020, and explains how asset managers can prepare for the challenges ahead and turn them into competitive advantages.

New guidance on US withholding on dividend equivalent payments on swaps over US equities New guidance on US withholding on dividend equivalent payments on swaps over US equities
On December 5, 2013, new guidance was released regarding derivatives over US equities that call for dividend equivalent payments that can be subject to up to 30 percent gross US withholding tax. Final regulations extend (to December 31, 2015) the current four factor scheme in section 871(m)(3)(A) for determining whether dividend equivalent payments on swaps are subject to US withholding tax

How global tax reforms might impact ETF efficiency: A look at the implications for ETF strategy and structuring How global tax reforms might impact ETF efficiency: A look at the implications for ETF strategy and structuring
Due to their low costs and potentially greater tax efficiency, ETFs offer a very efficient return to investors. ETFs€™ tax advantages have contributed to their strong competitive position and growth. But a rapidly changing tax environment will present challenges as governments around the globe seek to bridge budget deficits. By staying on top of these changes, sponsors can mitigate adverse effects while remaining compliant with changing global tax laws.

The next generation of ETFs: Why every asset manager needs an ETF Strategy The next generation of ETFs: Why every asset manager needs an ETF Strategy
Exchange traded funds (ETFs) have enjoyed two decades of explosive growth. Evolving and proliferating as they attracted new users, ETFs went from a single vehicle providing exposure to large cap US equities to thousands of products representing a dizzying range of asset classes and strategies. As ETFs reshape their environment all over again, asset managers and intermediaries alike will want to have strategies in place to deal with the changes sweeping across the competitive landscape.

ETFs: How innovators and regulators are shaping growth in the Asset Management industry ETFs: How innovators and regulators are shaping growth in the Asset Management industry
As Exchange Traded Funds (ETFs) enter their next phase of growth, much rests on the actions of the regulators. Innovation created ETFs and equipped them to achieve success through flexible, inexpensive and tax-efficient tracking of broad-based market indices. While growth in ETFs is set to continue, the pace of expansion likely will be impacted by regulations.

PwC Mutual Fund Directors Roundtable: 2013 highlights PwC Mutual Fund Directors Roundtable: 2013 highlights
Professionals from PwC€™s Asset Management practice and directors from the boards of some of the nation€™s leading mutual fund groups gathered for informal discussions of the industry€™s key issues and significant challenges. The perspectives presented give insights on leading practices in mutual fund oversight, how directors are meeting the challenges they face, and offer a view into the evolving role of directors and boards in the mutual fund industry.

The Connected Advisor: The Rise of Digital and Social Advice in Wealth Management The Connected Advisor: The Rise of Digital and Social Advice in Wealth Management
This paper examines the four forces of change that are shaping wealth management - shifting demographics, changing client behaviors and expectations, rising technological innovations and emerging disruptive competition.

Strategic Imperatives for Asset Managers Strategic Imperatives for Asset Managers
This paper presents a thematic introduction to the issues the asset management industry is facing, the key implications to asset managers, and the questions firms should be asking to best adapt their strategies and take advantage of these new and emerging industry demands.

Alternative Investment Fund Managers Directive - Impact on US Managers Alternative Investment Fund Managers Directive - Impact on US Managers
This FS Regulatory Brief is intended to inform US asset managers of the possible consequences of AIFMD, and answer some frequently asked questions.

9 new rules of IT strategy for asset management 9 new rules of IT strategy for asset management
The asset management industry is in the midst of significant structural change, with primary drivers including shifting investor preferences, pricing pressure and uncertain markets. While we see significant variation in how firms are adapting to these changes, we have identified many situations where asset management firms' business and IT strategies are at risk of misalignment.

From black box to open book: Hedge fund trust and transparency
US hedge funds have significantly enhanced their transparency, controls and infrastructure, helping to win the trust of institutional investors that is critical for their future growth. Across the hedge fund value chain, a new framework is emerging that is improving investor protection. But this evolution remains a work in progress, with inefficiencies and areas for improvement yet to be addressed.

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.

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 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.

Attracting pension plan assets: What alternative investment managers need to know 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.

15th Annual US Alternatives Conference highlights
PwC recently held its 15th Annual US Alternatives Conference to explore the challenges the industry is facing. This publication captures highlights from the conference and provides insight into the key trends and developments discussed at the event.
 

US Asset and Wealth Management M&A Insights: Reaching new heights
In a year where overall US M&A volume hit record highs, the asset and wealth management sector was one of the more active sectors in terms of volume of deal activity, while lagging behind in terms of value of total announced deals. This publication provides perspectives on the recent trends and outlook relating to asset and wealth management mergers and acquisitions activity in the US.

ETFs: A roadmap to growth (preview)
Our upcoming publication, “ETFs: A roadmap to growth” presents our perspectives on how the ETF industry will evolve over the next five years.

ETFs: A roadmap to growth (preview)
Our upcoming publication, “ETFs: A roadmap to growth” presents our perspectives on how the ETF industry will evolve over the next five years.
ETFs: A roadmap to growth (preview)
Our upcoming publication, “ETFs: A roadmap to growth” presents our perspectives on how the ETF industry will evolve over the next five years.

Changes to Australia's concessionally taxed collective investment vehicle (Management Investment Trust) regime introduced into Parliament
This alert explores some of the recent developments regarding the Tax Laws Amendment 2015 and related Bills introduced into the Australian Federal Parliament to implement the new tax regime for MITs and a number of related amendments.

Financial Services: 2015 SEC comment letter trends
This paper discusses the recent areas of focus and applicable accounting or reporting guidance in SEC staff’s comment letters issued over the past few years to registrants within the financial services industry.

Asset Management 2020 and beyond: Transforming your business for a new global tax world
By 2020, how an asset management firm deals with tax risk will be viewed as a competitive advantage or disadvantage. Investors will expect robust and efficient tax infrastructure and will have minimal tolerance of tax uncertainty or tax adjustments. As a result, tax will be a key operational and business activity, requiring specialist resources, a new approach and integration into front, back and middle office activities. So what will be the drivers for this new global tax world? And how will investment firms transform to meet these challenges as the industry becomes an even more significant part of the financial services sector?
 

Strategic Agile Reporting: Achieving an industrial-strength reporting platform for alternative asset managers
This paper aims to address the trends, challenges, and risks in the current wave of alternative asset management reporting demands.

Strategic Agile Reporting: Achieving an industrial-strength reporting platform for alternative asset managers
This paper aims to address the trends, challenges, and risks in the current wave of alternative asset management reporting demands.
Strategic Agile Reporting: Achieving an industrial-strength reporting platform for alternative asset managers
This paper aims to address the trends, challenges, and risks in the current wave of alternative asset management reporting demands.

Evolution of the mutual fund transfer agent: Embracing the challenges and opportunities
The mutual fund industry landscape has changed over the past 30 years to accommodate investors’ moves toward using intermediaries. There have also been changes in the relationships among mutual funds, their transfer agents, and intermediaries. In a process that offers investors a more efficient way to access a wider choice of mutual funds, the industry has evolved toward the use of omnibus subaccounting.


Alternative asset management 2020: Fast forward to center stage
Business imperatives for alternative asset managers as they look toward 2020

Swap Guidance €“May 2015 Developments
This alert explores some of the recent developments regarding the highly-anticipated section 871(m) regulations and updates to the notional principal contract (€œNPC€) regulations.

Asset Management M&A Insights: In pursuit of growth Asset Management M&A Insights: In pursuit of growth
This publication provides perspectives on the recent trends and outlook relating to asset management mergers and acquisitions activity in the US.

Cayman Islands launches FATCA notification and reporting portal
The Cayman Islands Department for International Tax Cooperation on March 23, 2015 launched its Automatic Exchange of Information Portal (Portal) enabling reporting Cayman financial institutions (Reporting FIs).

Exchange Traded Funds (ETFs): Outlook to 2020
Exchange Traded Funds (ETFs) are no longer considered a niche product. New investor segments continue to integrate ETFs into their portfolios and fund sponsors continue to introduce new products.

Follow up to the OECD BEPS reports: Impact on the asset management industry Follow up to the OECD BEPS reports: Impact on the asset management industry
This Insight addresses the OECD€™s Base Erosion and Profit Shifting (BEPS) project and what it means for the asset management industry.

Seed capital: Investing in product innovation Seed capital: Investing in product innovation
PwC€™s Seed Capital Program Survey collates data from 16 participating asset management firms regarding their seed capital program strategies. This article summarizes several of the survey€™s key findings.

Fund of funds tax considerations: Managing investor and regulatory demands Fund of funds tax considerations: Managing investor and regulatory demands
This document summarizes fund of fund tax considerations as discussed during a webcast by a panel of asset management, state and local tax, and technology specialists within PwC€™s Asset Management Tax practice.

hedge fund administration Hedge fund administration: 4 trends that may drive new growth
With growth opportunities for hedge fund administrative services decreasing, where will new demand come from? The answer lies in competitive forces now shaping the asset management industry. Learn which four key industry trends could drive new growth in hedge fund administration, and how these emerging changes could affect your business.

Certain total return derivatives facing increased scrutiny Certain total return derivatives facing increased scrutiny
On July 22, 2014, the Senate Permanent Subcommittee on Investigations (€œPSI€) held a hearing entitled €œAbuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits.€ Although the purpose of the hearing was to probe the use of a particular trading strategy by certain hedge funds, it may result in increased scrutiny around total return derivatives and swaps in general and may further shed a negative spotlight on the industry.

Recent IRS ruling prompts another look at multi-year incentive compensation arrangements Recent IRS ruling prompts another look at multi-year incentive compensation arrangements
This tax alert provides a summary of a Revenue Ruling released by the IRS last week, which reinforced the ability of fund managers to use options and stock appreciation rights in a multi-year compensation arrangement.

Asset classes in the alternatives industry €“ What€™s hot, what€™s not Asset classes in the alternatives industry €“ What€™s hot, what€™s not
In response to today€™s continuing low interest rates, asset managers are exploring new asset classes in search of higher yields. To address this trend within the alternative investments industry, PwC hosted a webcast to provide information on the market activity within specific asset classes, including what is attractive about each class, structuring opportunities and strategies, and the tax implications. This document summarizes the issues discussed by a panel of tax and asset management specialists from PwC€™s Asset Management Tax, Washington National Tax Service, and Cleantech & Sustainable Business Solutions practices.

How does the recent FATCA guidance affect asset managers? How does the recent FATCA guidance affect asset managers?
In this Tax Insight, read about how the extensive new FATCA regulations issued by the US Department of the Treasury and the Internal Revenue Service will affect asset managers.

Net investment income tax: Application to alternative investments Net Investment Income Tax: Application to alternative investments
The Patient Protection and Affordable Care Act of 2010 imposed on individuals, estates, and trusts a new Medicare tax equal to 3.8% on Net Investment Income (€œNII€) starting in the 2013 tax year. On November 27, 2013, Treasury issued much anticipated final regulations, effective for tax years beginning after December 31, 2012. In addition to the issuance of the final regulations, the IRS issued 2013 proposed regulations to provide guidance on issues not addressed in the 2012 proposed regulations.

Tax alert: Sun Capital Partners court case ruling Tax alert: Sun Capital Partners court case ruling
A recent case involving private equity fund Sun Capital Partners IV, LP (Fund IV), highlighted a potential issue for private equity funds that invest in portfolio companies with unfunded pension liabilities.

What does the Cayman Islands IGA really mean for the asset management industry? What does the Cayman Islands IGA really mean for the asset management industry?
This alert addresses FATCA and the recent negotiation of the IGA between the United States and the Cayman Islands. Through a series of FAQs, this alert describes what the Cayman/US IGA means for the asset management industry by addressing some of the more relevant implications of the Cayman/US IGA for asset managers based on the IGAs signed to date.

Implications of net investment income tax for asset managers Implications of net investment income tax for asset managers
The Patient Protection and Affordable Care Act of 2010 passed a new Medicare tax of 3.8% on Net Investment Income ("NII"), effective January 1, 2013. Although this new tax is applied at the individual level, partners will require a thorough analysis of their "net investment income" from pass-through entities.

Federal, State, and International Tax Audits in the Alternative Investments Industry 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 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.

12th Annual Alternative Investments Seminar highlights 12th Annual Alternative Investments Seminar highlights
PwC is hosted its 12th Annual Alternative Investments Seminar in nine US cities in 2012 and in several key international centers. This document provides highlights from the 2012 New York Alternative Investments Seminar.

Hedge fund transparency, controls, and infrastructure update 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 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 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 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.

Hedge Funds 2.0: Infrastructure: From Cost to Benefit 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



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.

A Practical Guide to the Proposed 385 Regulations for REITs and Real Estate Funds
This alert highlights the ways in which the new proposed regulations under Section 385 will affect real estate funds and REITs.

Current Developments for the Real Estate Industry: Spring 2016
This quarterly publication is a summary of real estate specific hot topics and industry updates, enabling real estate audit committees and executive teams to remain updated on the most recent trends in real estate. 

The overhaul of lease accounting: Catalyst for change in corporate real estate
This publication discusses the newly-released lease accounting standard and presents considerations for companies that are significant users of real estate.

US Real Estate Insights - Spring 2016
This issue of US Real Estate Insights highlights the theme of disruption in the real estate markets, as well as the evolution of the housing market in response to the changing economic and demographic environment.

US Real Estate Conference highlights 
PwC recently held its US Real Estate Conference to explore the challenges the industry is facing. This publication captures highlights from the conference and provides insight into the key trends and developments discussed at the event.

PwC Real Estate Investor Survey - First Quarter 2016 
The PwC Real Estate Investor Survey is widely recognized as an authoritative source for capitalization and discount rates, cash flow assumptions, and actual criteria of active investors, as well as property market information.

In the loop: Is additional shareholder value tied up in your real estate?
Do you have significant real estate or leasehold interests? Monetizing them may unlock shareholder value, but there are challenges

Regulations address withholding on foreign persons post PATH Act
Regulations have been released with respect to certain aspects of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act)

US Asset and Wealth Management M&A Insights: Reaching new heights
In a year where overall US M&A volume hit record highs, the asset and wealth management sector was one of the more active sectors in terms of volume of deal activity, while lagging behind in terms of value of total announced deals. This publication provides perspectives on the recent trends and outlook relating to asset and wealth management mergers and acquisitions activity in the US

Current Developments for the Real Estate Industry: Fourth Quarter 2015
This quarterly publication is a summary of real estate specific hot topics and industry updates, enabling real estate audit committees and executive teams to remain updated on the most recent trends in real estate

Good news and not as good news for REITs Protecting Americans from Tax Hikes Act of 2015
The Protecting Americans from Tax Hikes Act of 2015 (the “Act”) was enacted on December 18, 2015. The legislative package approved covered a wide range of open matters, including extending or making permanent expired provisions

Changes to Australia's concessionally taxed collective investment vehicle (Management Investment Trust) regime introduced into Parliament
This alert explores some of the recent developments regarding the Tax Laws Amendment 2015 and related Bills introduced into the Australian Federal Parliament to implement the new tax regime for MITs and a number of related amendments

Financial Services: 2015 SEC comment letter trends
This paper discusses the recent areas of focus and applicable accounting or reporting guidance in SEC staff’s comment letters issued over the past few years to registrants within the financial services industry

Asset Management 2020 and beyond: Transforming your business for a new global tax world
By 2020, how an asset management firm deals with tax risk will be viewed as a competitive advantage or disadvantage. Investors will expect robust and efficient tax infrastructure and will have minimal tolerance of tax uncertainty or tax adjustments. As a result, tax will be a key operational and business activity, requiring specialist resources, a new approach and integration into front, back and middle office activities. So what will be the drivers for this new global tax world? And how will investment firms transform to meet these challenges as the industry becomes an even more significant part of the financial services sector?

US Real Estate Insights: Fall 2015
This issue of US Real Estate Insights includes articles that cover how technology is disrupting the real estate landscape, as well as trends that are driving public to private REIT transactions

Emerging Trends in Real Estate 2016®
Now in its 37th year, Emerging Trends in Real Estate® is one of the oldest, most highly regarded annual industry outlook for the real estate and land use industry. Our forecast gives a heads-up on where to invest, which sectors and markets offer the best prospects, and trends in the capital markets that will affect real estate, based on interviews and survey responses from hundreds of leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants

Exploring real estate monetization strategies
This paper contains an overview of real estate monetization strategies, their perceived risks and benefits, and how PwC can help companies evaluate factors associated with this approach

Fargo versus Commissioner: Unsolicited property sale treated as sale to customers in the ordinary course of a trade or business
This alert explores a recent case in which the tax court concluded that a property was held for sale to customers in the ordinary course of a trade or business (a “dealer sale” or sale of “dealer property”), even though factors would weigh against treating the sale as a dealer sale

Asset Management M&A Insights: In pursuit of growth
This publication provides perspectives on the recent trends and outlook relating to asset management mergers and acquisitions activity in the US

Desert Capital: A REIT€™s Guide to Transfer Pricing?
A court case focusing on intercompany transactions between a Real Estate Investment Trust (€œREIT€) and its Taxable REIT Subsidiary (€œTRS€) was recently concluded. The case is significant because it specifically addresses the interplay between the REIT and transfer pricing rules of the Internal Revenue Code (€œIRC€)

Cayman Islands launches FATCA notification and reporting portal
The Cayman Islands Department for International Tax Cooperation on March 23, 2015 launched its Automatic Exchange of Information Portal (Portal) enabling reporting Cayman financial institutions (Reporting FIs)

IRS issues additional tangible property guidance providing further relief to taxpayers
In a move designed to simplify and reduce filings, the IRS recently released Rev. Proc. 2015-20, which provides further relief for small business taxpayers, including some entities owned by larger businesses, striving to comply with the final tangible property €˜repair€™ regulations (TD 9636) and related final €˜disposition€™ regulations (TD 9689). This alert provides insights and recommendations for taxpayers in the real estate industry regarding this new guidance

FIRPTA reform passes Senate Finance Committee
The Senate Finance Committee recently passed certain changes to the (FIRPTA) which generally subjects non-US persons to tax on sales of United States real property interests. The bill was passed unanimously, evidencing bipartisan support. While this is an important step in the legislative process, the bill would need to be passed by both Houses of Congress and signed into law by the president before it became effective

Roadmap for a REIT IPO or conversion for traditional and non-traditional real estate companies
These PwC guides are prepared to help both traditional and non-traditional real estate companies address the IPO and REIT conversion process

REIT Preferential dividends and management fee structures
The IRS has recently ruled in PLR 201444022 that separate classes of shares of a REIT would not be recognized as separate where the separate classes were offered solely to implement a tiered investment advisory fee structure in which the amount of the fees effectively borne by the shareholders would vary based on the amount invested by the shareholders. As a result, the REIT distributions would be preferential and would not be eligible for the dividends paid deduction

Proposed regulations on the definition of real property for REITs
On May 9, 2014, the IRS released proposed regulations (€œProposed Regulations€) which are intended to clarify the definition of €œreal property€ for purposes of the asset tests applicable to real estate investment trusts (€œREITs€). The IRS€™s expectation is that taxpayers will be able to utilize the additional guidance in the proposed regulations to analyze whether their assets qualify as real property in lieu of seeking private letter rulings

A comparative analysis of the real estate related provisions in the Camp, Baucus, and Obama proposals
This tax alert compares and contrasts provisions in the three proposals provided by David Camp, Max Baucus and President Obama that are particularly focused on real estate businesses

Baucus Tax Reform Proposals and Real Estate
This PwC alert highlights the recent tax reform proposals proposed by Senator Max Baucus, who chairs the Senate Finance Committee (the €œBaucus Proposals€). The proposals include a variety of proposed changes that could have a dramatic impact on those in the real estate industry, including REITs, real estate funds and their investors

Final Net Investment Income Tax Regulations: impact on real estate investments
How changes enacted as part of the Health Care and Education Reconciliation Act of 2010, the Medicare Contribution Tax (also referred to as the Net Investment Income Tax) affect real estate investments.

Billionaires: Master architects of great wealth and lasting legacies 
UBS and PwC have launched the 2015 Billionaires Report analysing data from the last 19 years across the 14 largest billionaire markets. 

2016 Wealth Management Trends 
The very nature of financial advice and how it is delivered are up for grabs in the midst of a revolution both loud and quiet. 

US Asset and Wealth Management M&A Insights: Reaching new heights 
This publication provides perspectives on the recent trends and outlook relating to asset and wealth management mergers and acquisitions activity in the US. 

Managing your wealth: Guide to tax and wealth management
PwC’s 2016 year-end guide to tax and wealth management offers guidance for strategic tax planning, managing your portfolio, charitable giving, estate and gift planning, business succession planning and other topics.