The SEC released information about the movement of investment advisers since the adoption of Dodd-Frank. Currently there are 11,002 SEC registered investment advisers with $5.7 trillion in assets under management. AUM is up 13% despite there being 15% less advisers thanks to the Switch.
Private fund advisers: The SEC claims that there have been 1,504 registrations of private fund advisers (those that manage private funds such as hedge funds) since Dodd-Frank was adopted.
Mid-sized advisers (the “Switch”): Unless eligible for an exemption, advisers managing less than $100 million in assets were to withdraw from SEC registration by June 28. To date, more than 2,300 mid-sized advisers have transitioned to state registration. 293 advisers received notification that they may not be eligible to remain SEC registered. These advisers have until December 17, 2012 to withdraw their SEC registration, or inform the SEC that they should remain eligible. After that date, the SEC may terminate registrations.