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Making Sense Of Alternative Investments In The ’40 Act Space

Tuesday Jul 23, 2013

Financial advisors increasingly have turned to alternative investments for their clients to achieve low correlation to traditional stocks and bonds, reduced portfolio volatility and decent returns. But are they getting the real thing when they access alternatives through ’40 Act funds that have proliferated in recent years?

Some purists hold that hedge fund-style alternative strategies in ’40 Act mutual funds are “hedge fund lite” products that can’t fully replicate the results of full-bodied alternative strategies offered by hedge funds because of restrictions placed on them by the Investment Company Act of 1940.

“It comes down to three things: leverage, liquidity and diversification,” said Eddie Lund, vice president of business development at Gemini Fund Services. Lund spoke on a panel today at the fourth annual Innovative Alternative Investment Strategies Conference in Denver. Financial Advisor and Private Wealth magazines host the conference.

To continue reading the article, visit Financial Advisor Magazine's site by clicking here.

More Alternative Funds on the Way

Tuesday Jul 23, 2013

Gemini's CEO, Andrew Rogers, was interviewed by Watch Andrew discussing why more alternative funds are on the way by clicking here.

ETFs vs. Mutual Funds: Which one is right for you?

Monday Jul 1, 2013

Mutual funds and exchange-traded funds are both pooled investment solutions that can successfully offer an advisor's strategies to a larger group of investors. The two types of funds share many similarities, but are also different in numerous ways. Advisors need to understand the nuances of both to choose the right investment vehicle to meet their goals.

Mutual funds and some ETFs are registered entities under the SEC's Investment Company Act of 1940. An ETF needs an exemptive order from the SEC in order to operate, which influences its start-up costs significantly. A mutual fund's creation costs are less than an ETFs but can vary from fund to fund depending on whether they are created within a shared or series trust, or as a stand-alone fund. While a mutual fund can purchase or hold only the securities that qualify under the strategy listed in its prospectus, an ETF tracks an index, sector, commodity or currency that is outlined in its prospectus and is also allowed to hold securities outside of the tracked entity.

To read more about the differences between ETFs and mutual funds, click here to log into Money Management Executive.

Tough Act to Follow

Thursday Jun 20, 2013

Andrew Rogers, Gemini CEO, and one of our clients are quoted in an HFM Week article, Tough Act to Follow. To read the article, subscribe to HFM week by going to

Gemini Expands Online Resources for Advisors

Wednesday Jun 19, 2013

Gemini has launched a new version of its website, The enhanced site provides streamlined navigation and a comprehensive overview of the services Gemini provides for fund managers, along with educational materials designed to serve as resources for advisors as they work to eliminate the barriers to market entry for their investment vehicles. To read the entire press release, click here.

The rise of '40 Act futures funds

Monday Apr 22, 2013

The financial crisis of 2008 bought a renewed interest in the benefits of managed futures.

And the demand for alternative strategies offering returns uncorrelated to equity markets has helped swell managed futures mutual fund assets under management (AuM) from just over $200bn to $330bn in the following years.

The mutual fund industry has seized on the opportunity to make the strategy available to a broader array of smaller investors wrapped in a 1940 Act package.

Since the first managed futures mutual fund, the Rydex/SGI, was launched in March 2007, the space has grown to $9bn AuM, according to Morningstar data, while alternative mutual funds as a whole topped $100bn AuM last year.

Meanwhile assets in European Ucits wrapped CTA funds peaked at roughly $7.5bn last year, according to data from Geneva-based Alix Capital, which tracks the space.

In the US, there are now more than 40 managed futures mutual funds on the market. Typical minimum investments are $2,500. Some are even lower.

But more recently growth has stalled. Monthly inflows peaked in October 2011 at $619m, and questions linger over their benefits and performance.

The prospects for the space appear to have reached a juncture.

To date, the funds have been rapidly rolled out through registered investment advisors (RIAs) and broker dealer channels, both wire house and independent, as well as institutional channels. 

To continue reading this article, which features Gemini CEO Andrew Rogers and several of Gemini's clients, vist the CTA Intelligence site by clicking here.

Smaller Shops Leap Over Lower Barriers to ETF Market

Tuesday Apr 9, 2013

The time, cost and complexity involved in launching an ETF are shrinking and several smaller managers are finding the environment ripe for entry.

Ten fund firms have filed for exemptive relief to launch exchange-traded funds since December, when SEC Division of Investment Management chief Norm Champ announced the end of a moratorium on new active ETF applications that include derivatives use.

Indeed, while large managers like Fidelity and Eaton Vance are among those firms starting the regulatory process to launch ETFs, about half of those applications have come from smaller fund firms and start-up asset managers looking to make a play in the ETF space. They include boutique fund shops like Transparent Value and Guinness Atkinson as well as new ventures such as Artivest and ERNY Financial.

“It feels like the barriers to entry are coming down,” says Noah Hamman, CEO of AdvisorShares, an ETF sponsor that works with registered investment advisors and boutique money managers to bring their strategies into an active ETF format.

Those barriers have traditionally been regulatory and operational, from establishing a trust and getting exemptive relief to developing relationships with service providers and the trading community. Yet a seemingly speedier exemptive relief process and the development of service providers catering to small and start-up managers are making it easier for firms to test the market.

“At least in the active space, the value proposition is growing. People see that the exemptive application process may not be as long and drawn out, which can be helpful from a business planning and a legal cost perspective, and on the '40 Act side, there's more flexibility on the active strategies that a manager can pursue,” says Michael Mundt, a partner at Stradley Ronon. Mundt says he has seen an uptick in interest among firms looking to file for exemptive relief.

If a firm does not want to get its own relief, it can now build a product in one of the growing number of ETF series trusts administered by Exchange Traded Concepts, Gemini Fund Services and Atlantic Fund Services. Those firms often offer compliance, legal and distribution support services along with the trust.

To read the entire article, log into Ignites by clicking here.

Gemini makes Hauppauge move

Wednesday Apr 3, 2013

Gemini was featured in Long Island Business News: Gemini Fund Services has moved its more than 100 workers into a new, 35,000-square-foot Hauppauge office and is continuing to hire.

CEO Andrew Rogers said his firm remains at “the forefront of enabling small- and mid-sized funds to navigate an evolving regulatory environment.”

The company moved from an 11,000-square-foot space at 450 Wireless Blvd. to its new space at 80 Arkay Drive.

Originally American Data Services Inc., Gemini is a 30-year-old firm that took its current name in 2003. Its assets under administration grew by $5 billion during the past year to about $17 billion.

The company helps firms bring investment vehicles to market, including mutual funds, hedge funds and alternative investments such as collective investment trusts.

Gemini provides administration, accounting and technology to firms seeking to launch and market investment products.

Northern Lights Names a CEO

Wednesday Mar 27, 2013

Northern Lights Distributors, sister firm to Gemini, has named Brian Nielsen as chief executive officer and Bill Wostoupal as president.

According to the company these management changes were adopted "as part of NLD's strategic focus on growth in its sales and distribution platform. "

Nielsen had previously served as president, manager and principal of Northern Lights since December 2005. As chief executive, Nielsen will "will remain focused on the operational and compliance aspects of NLD's business," according to a company statement.

Meanwhile, Wostoupal will continue to serve as executive vice president of Sales and Business Development for NorthStar Financial Services Group, a holding company for several subsidiaries which manage and serve financial assets, including NLD.

In his new role, Wostoupal will lead NLD's sales and marketing efforts, with sales and marketing personnel reporting directly to him. To read the article on, click here

NorthStar Financial rides wave of outsourcing for growth

Friday Mar 1, 2013

Nice story on our parent company, NorthStar Financial Services Group, LLC, and our growth over the last decade. To read the article, click here.

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