Asset Management at Ernst & Young - Ernst & Young - United States

The US Securities and Exchange Commission (SEC) voted unanimously to publish a statement reaffirming its longstanding commitment to the goal of a single set of high-quality global accounting standards (pdf, 450.7kb) and expressing its continued support for the convergence of US GAAP and IFRS.

Asset management firms have made headway with records management in recent years, but many are still falling short. We highlight ways to reduce regulatory and legal risk and enhance operational efficiency with a strategic records management program.

The global downturn forced hedge fund managers to respond swiftly and radically. Our new survey highlights the significant changes to the governance, fund administration and investor reporting (pdf, 366.7kb), all of which have enhanced investor confidence without significant additional cost.

Executives in the alternative investment company industry are invited to watch this webcast on developments effecting financial reporting and investment company taxation. Also featured is discussion on the final SEC Custody Rule. Log in to watch Reporting, Tax and Regulatory Update for Alternative Investment Companies.

How do you manage through the recession and position your company for growth? Our asset management professionals around the world conducted over 2500 client meetings and identified some overarching themes. Rebuilding stakeholder confidence, building lines of credit and being proactive with regulators could mean the difference between surviving and thriving.

What's the return on treasury? A large alternative investment manager obtained a partial answer while examining its cash management practices, including overnight investing. A few simple changes to its operating practices (pdf, 84.9kb) are now saving the company millions of dollars annually. Through the addition of a single, newly hired professional cash manager followed by an analysis and refinement of prior practices and procedures.

Prior to the current market downturn, hedge fund managers were able to diffuse investor requests for greater transparency in risk management practices (pdf, 110.4kb), preserving policies that limited the information available to third parties. However, recent marketplace events indicate that increased regulation, scrutiny and transparency are on the horizon for the hedge fund industry.

Our business risk report 2009 (pdf, 4mb) evaluates the top 10 risks most likely to affect asset management companies during 2009 and shape the industry.