Latest Disclosure Trends in the Form ADV Brochure

To download a copy of the report, please click here. Stay ahead of the curve with Seward & Kissel’s analysis of Form ADV Part 2A (“Brochure”) filings from leading SEC-registered investment advisers. The report highlights four major disclosure trends shaping the investment management landscape: Enhanced Management-Related Disclosures Advisers are providing more detail on affiliated services, including collateral management, portfolio monitoring, and due diligence. New disclosures address the use of artificial intelligence and machine learning. Advisory committees and family office structures are increasingly discussed. Bespoke client terms and relationships with outside vendors are receiving greater attention. Expanded Fund Expense Transparency Technology-related costs, business development activities, and investor meetings are now more frequently disclosed. New categories such as cyber and crime insurance, background investigations, and investor-requested reporting templates are being included. Greater detail on pass-through expense models helps clients understand fund operating costs. Increased Risk and Conflict of Interest Disclosures Advisers are addressing emerging risks, including digital asset regulation, AI, geopolitical events, climate change, and hybrid work arrangements. Conflicts of interest are more thoroughly disclosed, especially when offering affiliated services or entering new business lines. Growth in New Investment Strategies and Structures Advisers are expanding into cryptocurrencies, digital infrastructure, CMBS/CLOs, and specialized opportunity funds. New structures such as separately managed accounts, single investor funds, co-investment vehicles, continuation funds, and feeder funds offer greater flexibility for investors. To download a copy of the report, please click here. For more insights or to discuss how these changes may impact your business, contact Seward & Kissel’s Investment Management Group.