By Julie Riewe, Debevoise & Plimpton LLP ( December 5, 2016, 12:13 PM EST) -- Amid the rapid asset management industry expansion and the accompanying growth in private fund assets managed by U.S. Securities and Exchange Commission-registered investment advisers, there has been, for the first time, a real and sustained investor and regulatory spotlight on the actual business practices of private fund managers. Because today's SEC oversight of asset managers has been a decade in the making, it is instructive to examine the shifting agency and market dynamics that led up to this point....
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