Regulators had said that smaller fund managers would benefit from the change, including through reduced costs. They are far from alone, as other Wall Street icons below that level include Louis Bacon, David Tepper, David Einhorn and Paul Tudor Jones. Warren Buffett, and giant mutual fund companies such as BlackRock and Fidelity Investments, would continue reporting equity investments every three months in filings known as 13Fs under the SEC plan. But that is not true for the majority of hedge funds and family offices because few own $3.5bn in stocks. Fund managers have long complained about having to reveal holdings - stakes that are closely monitored by other investors, Wall Street analysts and the financial media - because they believe the disclosures allow traders to steal some of their best ideas.

Source: Irish Independent July 15, 2020 01:30 UTC