February 12, 2015

Alternative Mutual Fund Found to Have Violated Custody and Brokerage Rules

The SEC brought an enforcement action against Water Island Capital LLC (Water Island), in connection with investment company custody violations.  Water Island is based in New York, New York, and manages certain alternative mutual funds (the “Funds”) with approximately $3.5 billion in assets. To carry out its strategies, Water Island trades equities and derivatives including swaps.

Continue reading...