Tags: Hedge Funds, employment practices, Employment Practices Liability, financial institutions, Insurance Protection, Investment Adviser, Iron Cove, Legal liability, Private Equity, registered investment adviser
Tillage Fund vs. SS&C Fund Admin | Phishing Cyber Exposure and Whether Hedge Funds Could Protect Themselves?
As if counter-party risk weren't already one of the biggest concerns of HF Managers! SS&C, one of the largest and most trusted fund administrators serving the alternative asset management industry fell victim to a phishing cyberattack costing a fund client millions of dollars but far worse, their business. As a fund manager, how can you protect yourself?
Tags: hedge fund insurance, Hedge Funds, Insurance, insurance, ACE, Chubb, Coverage, cyber, Cyber & Privacy Liability, cyber transfer fraud, Directors & Officers Liability, dodd-frank, Errors and Omissions, Fidelity Crime, financial institutions, Fund administrator, hedge fund, Hedge Fund Regulation, hedge funds, Lou D'Agostino, Professional Liability, property & casualty, Risk, social engineering, SS&C, Tillage
SEC Administrative Proceeding Cites Violation of Advisers Act Due to Insurance Premium Allocation Practices
The SEC has commenced enforcement proceedings against a large greenwich based Hedge Fund siting violations of section 206(2), 206(4) and 206(4)-8 of the Investment Advisers Act in part resulting from inadequate insurance premium allocation methodology.
Tags: hedge fund insurance, insurance, Iron Cove Posts, Claims, Coverage, Directors and Officers Insurance, directors and officers liability, D&O, financial institutions, hedge fund, Iron Cove, Lou D'Agostino, Premium Allocation, Professional Liability, protection, regulation, Risk, SEC
Hedge Fund Insurance Case Study
Launching a hedge fund is no easy task. From drafting the formational documents to regulatory filings to selection of key and critical vendors, there is no shortage of things to do prior to launch. Add to that list evaluating the respective insurance needs of a start-up fund. Start-up firms must entertain insurance products which may be either required (either by state law, regulation or by contract) or lines of insurance coverage which are elective and may be meant for more established firms. The process of not only reviewing what each policy may or may not cover but also taking into consideration the cost effectiveness and feasibility in the early stages of the business can be daunting.
In order to make this process a bit smoother and add some value in the early phases of a launch, we have created an Insurance Needs for Hedge Funds Guide which can assist you in your efforts of addressing insurance needs in the start-up phase.
About the Author
Louis D’Agostino is a Partner and Senior Vice President of Iron Cove Partners, LLC. Mr. D’Agostino is responsible for the oversight and management of IronCove’s Financial Institutions Practice which is dedicated to addressing the unique and complex risk management needs of companies engaged in the arena of financial services. i.e. Private Equity Funds, Hedge Funds, Investment Advisors, Securities/Dealers, Mutual Funds and the like. Mr. D’Agostino & his team currently serve as insurance advisor to some of the world’s largest Asset Managers and Financial Institutions.
Tags: Hedge Funds, Insurance, insurance, benefits, directors and officers liability, D&O, emerging manager, financial insitt, financial institutions, financial services, hedge fund, Iron Cove Partners, Lou D'Agostino, office insurance
Most Money Management Firms purchase blended D&O and E&O Insurance Policies under the assumption that they are covered in the event an outside shareholder brings a lawsuit alleging mis-management or breach of fiduciary. While they may be right, there are a variety of policy provisions that could preclude coverage in the event of litigation.
Tags: Hedge Funds, Insurance, Advisory Board Member, Breach, Directors & Officers Liability, Errors and Omissions, Fiduciary, financial institutions, hedge fund, Insurance Protection, Iron Cove Partners, Lawsuit, Liability, louis d'agostino, Management Company, Partner, Shareholder