What a year 2023 has turned out to be, and we only just now put the first quarter in the rearview.
Bank failures, increasing geopolitical tensions and recession fears are what made the headlines the past three months. Investment managers face tremendous challenges as they navigate these uncertain times, looking to technology and service partners to relieve some pressure.
Despite the economic challenges, we are thrilled to share that Socium continues to grow its client base and team.
We onboarded several new investment funds to our platform this quarter, enabling us to expand our leadership team. The investments we are making in our business allow us to invest in new products and services that will benefit our clients and their investors. Stay tuned for more information on these exciting developments.
As always, we are grateful to our clients and partners for their continued trust. Let’s all look forward to a less turbulent second quarter.
Beth and Michael
P.S. Drop us an email if you have an idea for a future newsletter cartoon!
Socium Adds to its Leadership Team
Chief Revenue & Strategy Officer
General Counsel, Americas
We are thrilled to welcome two established industry professionals to the Socium team. Jason Meklinsky joined Socium in February as Chief Revenue & Strategy Officer. In this role, Jason will oversee the business development, client services and product development teams in the U.S. and Cayman offices to elevate the firm’s growth strategy.
Nick Donovan joined Socium in March as General Counsel of the Americas. In this highly strategic role, Nick will oversee the firm’s legal and compliance functions in North America and provide legal perspective to the senior management team on various regulatory, compliance and strategic issues.
Please join us in welcoming Jason and Nick to the team.
SEC Marketing Rule
Last year, the Securities and Exchange Commission issued a number of proposals that, if adopted, would directly impact registered investment advisers. One of the most anticipated proposals was the New Marketing Rule which went into effect on November 4.
The new Marketing Rule was significant as it was the SEC’s first substantive amendment since the adoption of the advertising rules in 1961. Registered investment managers had a short window to review, revise and prepare to implement policies and procedures to comply with the updated rule.
Patrick Gallagher of altPILOT discussed the significant changes pertaining to investment adviser marketing, which include:
- Revised definition of advertisement
- Allowance of testimonials and recommendations
- Requirement of different types of disclosures
- Standardization and method for calculating and showing performance
- Prohibition of the use of hypothetical performance
Read altPILOT’s comprehensive overview of the new Marketing Rule here.
Suntera Global’s Global Head of Business Development, Ian Horswell, sat down with Jersey Finance to discuss the country’s rising importance as a fund domicile for U.S. investment funds. You can read the interview here.
“Jersey is well positioned to support the US market, with excellent experience in all major asset classes. One important point which we highlighted during the week is our political stability, whilst we also pointed consistently to how, as a small jurisdiction, Jersey punches well above its weight with over 14,000 financial services employees.”
Jersey has been a leading international financial center for nearly six decades due to its well-established regulatory framework, supportive legal system and endorsements by leading bodies such as the IMF and World Bank. The jurisdiction boasts nearly US$537 billion (2021) in regulated funds under administration, with 89% of overall funds coming from the alternative sector, namely private equity.
Suntera Global has provided fund administration services to Jersey-domiciled funds since 2017, having grown its local team and service offering over the years. Learn more about Suntera Global’s comprehensive offering for Jersey funds and the attributes that make the jurisdiction appealing to private equity fund managers.
On May 18th, Socium Fund Services will be hosting its Spring Soiree at Annie Moore’s in midtown Manhattan. Suntera Global’s CEO, David Hudson, will be in attendance to meet with clients and industry partners for a night of conversation, laughter and camaraderie. Learn more about the evening and register below.