The SEC’s adoption of the new Marketing Rule in December 2020 was an important development that was largely expected to have a significant impact on how SEC-registered investment advisers advertise their advisory services. To understand the impact, we surveyed more than 120 investment advisers following the one-year anniversary of the Marketing Rule’s November 2022 compliance date. The survey respondents included advisers to separately managed accounts (“SMA advisers”) for both institutions and individuals, closed-end funds, specifically private equity and private credit funds, hedge funds, and registered funds (mutual funds). The Report will address the survey’s key findings in the following areas:
- Most Affected Areas of Marketing
- Presentation of Performance Advertising
- Gross vs. Net Performance
- Extracted Performance
- Related Performance
- Hypothetical Performance
- Specific Investment Advice
- Investor Letters
- Social Media
- Time Spent on Compliance with the Rule
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