Proposed Bill Would Tie $150 Million RIA Registration Threshold to Inflation
The Small Business Investor Capital Access Act, introduced this week, would increase the registration exemption from $150 million by tying it to inflation.
Representative Andy Barr, R-Kentucky, introduced the Small Business Investor Capital Access Act on Thursday. The bill would tie the threshold for the private fund adviser registration exemption to inflation, not only in the future, but retroactively as well.
Currently, the Private Fund Investment Registration Act of 2010 exempts private fund advisers with less than $150 million in assets under management from having to register with the Securities and Exchange Commission, though they must still periodically send reports to the SEC. Since this requirement was enacted, the exemption threshold—$150 million—has not changed.
The bill would index the exemption limit to inflation going forward, but it would also retroactively increase the limit for past years to the proper, inflation-indexed amount. In other words, the $150 million figure would be increased for each of the last 13 years to account for inflation before tying it to inflation going forward.
Barr’s office did not respond when asked what the current threshold would be when inflation since 2010 was factored. According to the Consumer Prince Index Inflation Calculator on the U.S. Bureau of Labor Statistics website, $150 million in December 2009 would have been worth $206.16 million in December 2022.
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Massachusetts Mutual Life Insurance Co. announced that John Rugel has joined the company as head of operations.
Rugel will be responsible for leading MassMutual’s operations and customer service functions, including new business, policy administration and claims, across the company’s products, distribution channels and customer segments.
“I am thrilled to join a company that puts its policyowners and customers at the center of everything we do, and am eager to contribute to the hard work, focus, and passion MassMutual brings each day in helping people achieve financial security and confidence,” Rugel said in a statement.
He most recently served as chief operations officer at Global Atlantic Financial Group, where he led the operations strategy and redesign of customer delivery.
Deepwater Brings on Industry Veteran Olson as Venture Partner
Michael Olson
Deepwater Asset Management announced the hiring of Michael Olson as venture partner to build the firm’s next fund.
Deepwater’s new venture fund is expected to launch in the second quarter of 2023. Olson will bring together a network of technologists, proprietary research and insights to identify new investments. Additionally, Olson will work with the management teams of Minneapolis-based Deepwater’s portfolio companies as they scale their businesses.
“The last few years saw an era of euphoria in venture capital, but the best investment opportunities come when fear is commonplace, not greed,” Olson said in a statement. “I think we’re entering one of the best periods to deploy capital into startups of the past several decades. Now is the time for Deepwater to be more aggressive in venture.”
Olson spent the last three years as the chief financial officer for Version1, a multi-property esports and gaming content organization majority owned by WISE Ventures LLC (Wilf Innovative Sports & Entertainment).
BNP Paribas USA Promotes Placido to CEO, Fillion to Vice Chairman
Jean Yves Fillion
Jose Placido
BNP Paribas announced the appointment of José Placido as CEO and Jean-Yves Fillion to the position of vice chairman.
Placido will assume the role of CEO of BNP Paribas USA, the bank’s U.S. holding company, and will oversee all U.S.-business activities. He retains his role as CEO of CIB Americas.
Fillion, in his new role as vice chairman, will serve as executive sponsor to many of the bank’s most strategic U.S. clients and will also continue to represent the BNP Paribas Group with external stakeholders.
“I want to congratulate José and Jean-Yves on their new positions. I look forward to the continued successes of our US operations under José’s leadership, especially our CIB businesses,” said Alain Papiasse, chairman of CIB, in a statement. “Jean-Yves will continue to provide valuable counsel to our US organization and the wider BNP Paribas Group in his new role.”
Nuveen Appoints Close as Head of Municipals
Nuveen, the investment manager of TIAA, appointed Daniel Closeas head of municipals.
“I’m delighted to take on my expanded role within the muni industry’s most experienced, dedicated and insightful portfolio management team,” said Close in a statement.
Close replaces John Miller, who stepped down April 10 after leading the division since 2007. Close will lead Nuveen’s municipal finance investment team. He previously ran the firm’s taxable municipals business, and he helped establish and expand the platform to $35 billion in assets under management, serving more than 60 institutional accounts.
“Dan’s contributions have been crucial to the advancement of Nuveen’s municipals business,” said Bill Huffman, president of Nuveen equities and fixed income, in a statement.
