Despite large investor redemptions throughout the year, hedge funds ended 2016 with a record amount of assets—passing $3 trillion for the first time, CNBC reported. The data came from a Hedge Fund Research report released Friday that showed hedge funds returned 5.5 percent in 2016, its best return since 2013. That comes while investors pulled $70.1 billion from the funds in 2016, the worst year since $131 billion was redeemed in 2009. "The growth of hedge fund assets occurred against a challenging backdrop of continued investor withdrawals," the report stated.
Docupace announced Monday a new platform of straight-through processing and cybersecurity features coming to its ePACS Productivity Suite. The new platform, called ePACS Connect, lets advisors digitally open new accounts and maintain them, review advertising, on-board new advisors, and transition accounts. The additional security protects client data and stores documents securely to help firms comply with SEC and FINRA rules. Other features include a library of SmartForms that are automatically flagged when they aren’t completed properly; device, data and document encryption, and risk assessments of third-party vendors. Michael Pinsker, the CEO and President of Docupace Technologies, said the ePACS Connect makes paperless straight-through processing easy for advisors while giving peace of mind that everything is secure and documented, protecting firms from hackers and regulators alike.
New York-based Snowden Lane Partners announced on Monday that two internationally focused advisors from Wells Fargo joined the firm's San Diego office. David Lautz and Franscisco Malfavon are forming the LEM Group, bringing $125 million in assets to Snowden Lane. That brings Snowden Lane's total client assets under management to over $3 billion. Lautz, who served as a vice president for Wells Fargo Advisors, previously worked at Prudential Financial and Fidelity Investments. His focus is working exclusively with Latin America-based clients. Malfavon began his career at Wells Fargo Bank in 2003 as an assistant vice president at Wells Fargo Advisors International Group. He has private banker experience developing high net worth clients, focusing on wealth and asset protection, trusts and estate planning, and asset management. The San Diego office is Snowden Lane's seventh nationwide.