WASHINGTON -- Rep. Richard H. Baker, R-La., introduced the Hedge Fund Disclosure Act in the House Banking Subcommittee Sept. 23.
The act mandates that unregulated hedge funds -- defined as any pooled investment vehicle with capital of $3 billion or more that is privately organized, administered by investment managers, not widely available to the public and not registered under the Investment Act of 1940 -- must submit a report to the Federal Reserve Board within 15 days of the end of each quarter.
The report must list the fund's total assets, the total derivatives position and the balance sheet leverage ratio of assets to liabilities for the end of the reporting quarter; and offer a "meaningful and comprehensive" report of the firm's market risks, including a value-at-risk test or stress tests for the end of the reporting quarter; and offer "other information" the Fed requires after consulting with the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Treasury secretary and federal banking agencies.
The law requires the Fed to make available copies of the disclosures to the SEC, the CFTC, the Treasury and the public, but said the Fed may protect "proprietary information" from being made public.
Commerzbank opens new alternatives unit
NEW YORK -- Commerzbank Global Equities launched an alternative investment strategies unit to design, implement and manage a series of international hedge funds and private equity multimanager vehicles. Kevin Ferro in New York will head the unit. He is joined by Franco Baseggio, a portfolio manager, and Peter Lurie, the team's attorney. Markus Hampel, senior relationship manager, is based in Frankfurt, Germany.
BPP acquires 12 shopping centers
BPP Retail has completed the acquisition of 12 shopping centers from AMB Property for approximately $246 million. BPP Retail is a joint venture between Burnham Pacific Properties, a retail REIT, and the $160 billion California Public Employees' Retirement System, Sacramento.
