RegAlert1996-02-02
Added · Updated
SEC Division of Investment Management staff letter: Lazard Freres Asset Management
The SEC staff will not recommend enforcement action if Lazard Freres Asset Management charges a performance fee to BPI Capital Management Corporation for services provided to the BPI Global Opportunities Fund. The staff determined that the Fund, rather than BPI Capital, is the client of Lazard Freres for purposes of Rule 205-3 under the Investment Advisers Act of 1940. This determination allows the proposed compensation structure, consisting of a base fee and a performance fee equal to 10% of net income in excess of a 10% time-weighted return, to comply with the rule's eligibility requirements.
SEC published 7 documents in the last 30 days — get each new one by email the day it lands.
FEB 2 1996
Our Ref. No. 95-399
RESPONSE OF THE OFFICE OF CHIEF Lazard Freres Asset COUNSEL DIVISION OF INVESTMENT MAAGEMENT Management File No.80l-6568 Your letter dated July 20, 1995 requests our assurance that
we would not recommend enforcement action to the Commission under
the Investment Advisers Act of 1940 ("Advisers Act ") if Lazard Freres Asset Management ("LFAM"), a registered investment
adviser, charges a performance fee to BPI Capital Management
Corporation (BPI Capital) with respect to the performance of the BPI Global Opportunities Fund (the "Fund"). BPI Capital is an investment counsel and portfolio manager
Read the rest free, and get an email when SEC publishes again
Lineage: In force
Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from SEC
SEC published 7 documents in the last 30 days. We email you each new one the day it's published.