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Report: Compliance Costs Rising for Canadian Firms

Feb 25, 2014
Jing Chen

A new report indicates that Canadian hedge fund managers are shouldering significant costs to comply with new regulatory changes.

The Cost of Compliance report produced by KPMG International, the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) found that on average, small firms spend $700,000, medium firms spend $6 million and large firms spend a whopping $14 million on compliance alone.

The report added that the global hedge fund industry has already spent more than $3 billion on compliance costs, with each firm spending an average 5% to 10% of their operating costs on compliance technology, staff and strategy. Furthermore, smaller firms are spending more—both as a percentage of their assets under management and relative to operating costs—than larger firms on compliance.

Another finding from the survey found that more than two-third of respondents said that they needed external help with filling out the Alternative Investment Fund Managers Directive, while 63% needed help with their Securities and Commission registration and reporting.

The report, which was conducted last year, surveyed 200 hedge fund managers representing more than $910 billion in assets under management.

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