Perspectives from ASC Advisors

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Monthly briefings on positioning trends, media landscape shifts, and intelligence relevant to alternative investment managers.

During the last 20 years of his career, he has focused almost exclusively on advising hedge funds, private equity firms, real estate investment firms and other investment managers in every facet of their businesses, from brand building, to investor and media relations, speech and media training, activist campaigns, position-level/portfolio company support, M&A, IPOs, crisis management and succession planning. His crisis management expertise encompasses regulatory, legal and market events.

Prior to founding ASC Advisors, Steve spent 23 years at Abernathy MacGregor, where he built and led the firm's alternative investment practice that, at its height, represented over 80 firms with a combined AUM of over $800 billion. He joined Abernathy MacGregor in 1988 after his former firm, Bruce & Leavy Communications, was acquired by the firm. Steve also previously worked at Ogilvy & Mather, J. Walter Thompson, Hill & Knowlton, and Burson-Marsteller.

Throughout his career, Steve has been involved in some of financial services' largest mergers and partial sales, including Gramercy Funds Management/Kudu, Bardin Hill/TSSP/Dyal; PAAMCO/Prisma, Man Group/GLG; TA Associates/K2; Apollo/Stone Tower; FrontPoint/Morgan Stanley, The Bank of New York/Irving, Wells Fargo/First Interstate, US Banc/First Bank, Washington Mutual/HF Ahmanson, Phoenix/Home Life, Mellon/Dreyfus; Mellon/Newton; AIG/Bankers Life, and Vodafone/Mannesmann.

Steve also provided communications counsel amidst some of the most well-known crises in the alternative investment industry to date, including those impacting Long Term Capital Management, Amaranth, Ellington, MKP, Convergence, Sowood, Drake, UBP, IKOS, Farallon, Tudor, Clinton Group, EIM, FrontPoint Partners, Diamondback, and Harbinger.

Steve received the Presidential Volunteer Award from President George W. Bush for his more than 40 years of work with Special Olympics International. He has also been actively involved in the Robin Hood Foundation, Help for Children, Sandy Hook Promise, 100 Women in Finance, and Citizens Against Gun Violence.

She provides counsel in both building and defending a reputation and is highly skilled in profile-raising initiatives, media relations, mergers and acquisitions strategies, fund closes, portfolio company support, litigation situations and crisis management.

Prior to joining ASC Advisors in 2015, Mary Beth was Managing Director and Co-Head of the Asset Management Group at New York-based Abernathy MacGregor. While there, she spent 10 years providing strategic communications support to hedge funds and private equity clients.

Mary Beth brings a unique perspective on media relations having over a decade of experience in journalism as a reporter and editor. Most recently she was a Senior Editor at Forbes, covering the asset management industry. Prior to Forbes, she worked as an Assistant Editor at the New York Times Op-Ed page.

Among the clients Mary Beth has represented are GoldenTree Asset Management, Davidson Kempner, Lyxor Asset Management, PAAMCO Prisma, GTIS Partners, Soros Capital Management, The Raine Group, Versor Investments, York Capital Management, TIAA, Hellman and Friedman, Man Group, and Greenlight Capital.

Mary Beth actively supports women in the alternatives industry. She has served as a member of the Education Committee of 100 Women in Finance and has also been a board member of High Water Women. Mary Beth graduated cum laude from SUNY at Buffalo and holds an MBA from Baruch College.

Taylor advises and executes strategic communications programs comprising messaging and brand building, media relations, crisis communications and special situations, including M&A and stakeholder engagement. With a background in special situations, Taylor works closely with private equity clients around portfolio company developments and hedge fund clients around shareholder activism campaigns.

Prior to joining ASC, he spent nearly six years at Joele Frank, a leading corporate communications agency, working with both corporate and private equity clients on M&A support, proxy fight defense, bankruptcy proceedings, management changes and other special situations. While there, he advised on more than 100 transactions as well as dozens of proxy fight defense campaigns across a wide range of industries.

An avid angler, Taylor founded The Tightlined Conservation Coalition and runs The Tightlined Slam, a fly and light tackle fishing tournament dedicated to raising money and awareness for marine conservation. He also serves on the Board of the American Saltwater Guides Association, a non-profit organization with the mission of promoting sustainable business through marine conservation.

Taylor graduated with a B.A. in English and a minor in Economics from Davidson College. Outside of work, Taylor enjoys fishing, watching baseball and spending time with his four sons.

With combined agency and in-house experience in strategic communications, Keely advises her clients on strategic positioning, media relations, stakeholder communications, executive visibility, and long-term reputation management.

Her work spans a range of business-critical situations, including firm launches, positioning initiatives, transaction-related communications, executive profiling, crisis and reputational matters, and broader brand-building efforts. She has worked closely with leadership teams, investors, and communications functions to help shape how firms are understood across institutional audiences.

Prior to joining ASC Advisors, Keely served as a Director at Red Banyan, a crisis management firm, where she worked alongside the CEO to develop and execute communications strategies for clients across multiple sectors.

Previously, she was Assistant Vice President of Media Relations & Corporate Communications for the Americas at BNP Paribas, where she supported communications strategy across multiple business lines and executive leadership functions, including asset management, global markets, sustainable finance, technology, and corporate leadership initiatives.

Earlier in her career, Keely worked at leading strategic communications advisory firms including Brunswick Group and Abernathy MacGregor, advising investment managers, financial institutions, and corporate clients on media relations, positioning, and stakeholder engagement.

She earned her B.A. in English and American Literature from New York University and received a Sustainability Essentials for Business certificate from the University of Cambridge.

Outside of work, Keely enjoys traveling, trying new restaurants, and spending time with her family.

With a far-reaching and varied background, Max taps into his knowledge of finance and law to advise clients across the capital markets structure including private equity and credit firms, hedge-funds, VCs, asset managers, and banks.

Prior to joining ASC, Max spent six years at Edelman Smithfield, where he served as a Vice President on the Financial Services team. While there, he provided alternative investment managers with narrative development, media engagement, special situations & announcement counsel, reputation management, and executive media & presentation coaching services.

Earlier in his career, he worked in a variety of roles in asset management, equity sales, and the family office space in both London and New York. During that time, he directed media engagement and brand building strategies as well as sourced investment opportunities. Max is also a non-practicing legal barrister in the UK.

Max was born and educated in London, where he received a BA in Classical Studies from King's College London, an MA in The History of International Relations from the London School of Economics, a Graduate Diploma in Law from BPP Law School, and passed the Bar Professional Training Course at The College of Law.

Outside of work, Max enjoys reading, chess, snorkeling, playing pickleball, golf, and going to the beach.

With a demonstrated track record across both agency and in-house roles, Ana has shaped bespoke strategic digital programs that enhance brand visibility and drive business objectives through insights drawn from performance data, industry benchmarks, real-time analytics and other metrics.

Prior to joining ASC Advisors, Ana was Senior Manager of Digital Strategy and Optimization at AIG, where she led a high-performing team of digital strategists supporting global enterprise initiatives. She was a key contributor to the social media strategy for AIG's title sponsorship, the AIG Women's Open, helping the global insurance organization significantly increase audience engagement, brand reach, and executive visibility.

Earlier in her career she worked at communications advisory firms Brunswick Group and Finsbury (now FGS Global), where she sat on the digital communications teams, supporting high profile crises, transactions, brand building and sponsorship campaigns. She also sat on the Time Warner Inc. corporate communications team, and the NYC Department of Health and Mental Hygiene's digital team, running their respective social media programs.

She received her B.A. in Economics and History from the University of Rochester and received an M.S. in Public Relations and M.A. in International Relations from Syracuse University. Outside of work, Ana enjoys running, reading, hiking and spending time with her family.

Prior to joining ASC Advisors, Kylie was a Senior Associate at Mission North where she advised clients across financial services, regulatory/compliance, technology and insurance industries. She also served as an Account Manager at Aspectus Group.

In these roles, Kylie's responsibilities included planning day-to-day account activity, managing client success and liaising as a key point of contact. She was also responsible for developing content and securing and managing external speaking engagements for executives at industry conferences and workshops. She has significant experience working with investment management firms and industry organizations, including ACA Compliance Group, Accenture, The Global Impact Investing Network, MicroVest, Betterment, SIX Group and DiversyFund.

Kylie graduated from the E.W. Scripps School of Journalism at Ohio University with a B.A. in Journalism and minors in both French and Merchandising. Outside of work, Kylie enjoys attending music concerts, seeing on and off-Broadway theatre, finding the best gluten free treats in NYC and reading in local parks.

Previously, she was an intern at Joele Frank, a financial and corporate communications agency, where she supported teams in high-stakes situations, including activism defense, M&A and bankruptcy. She drafted press releases and regularly monitored media coverage and stock movements.

Cassandra graduated from Syracuse University in May of 2025 with a B.S. in Finance, a B.S. in Public Relations and an emphasis in Financial and Investor Communications, and completed a thesis titled The Best Communication Practices for Activism Defense as part of the Renée Crown University Honors Program.

Outside of work, Cassandra enjoys exercising, reading, and skiing.

Before joining ASC Advisors, Dan was a Public Relations Associate at LaunchPad Creative, where he developed and executed public relations strategies for clients in the financial services sector. Dan's responsibilities included directing day-to-day media relations, enhancing core positioning and messaging to build clients' reputations within their industries, and securing valuable press that led to increased return on investment in public relations programs.

Previously, he was a News Writer and Assignment Editor for NBC10 Boston / NECN.

Dan graduated from Lyndon State College with a B.S. in Electronic Journalism Arts. Outside of work, Dan enjoys sports, fishing, visiting local coffee shops, and spending time with his son, wife, and dog.

Previously, Morgan interned with ASC Advisors beginning in May 2025, supporting clients across media monitoring, reporter outreach, LinkedIn and digital communications, industry research, award tracking, and investor relations. She also contributed to profile-raising and brand-building initiatives and assisted with client materials and internal strategy documents.

Morgan received her B.A. in Strategic Communications from Elon University, with minors in Business Administration and Human Resource Management.

A few years later, Marco founded De Plano Group (now DPGW) — a creatively focused agency headquartered in midtown Manhattan and Los Angeles. Marco has been highly successful in introducing and repositioning well-known brands, products and services in the finance, luxury and technology sectors by adopting an integrated marketing philosophy with an emphasis on strategic creativity and unique design.

His partnership with ASC Advisors — truly unique in the sector — dates back to the inception of the agency and has seen numerous successful name and logo creations as well as compelling websites, video, collateral and social media applications. All seamlessly integrated with the brand's strategic communications and objectives always the priority.

Marco has received numerous industry awards and a commendation from the Mayor of New York for his pro-bono work. He has been widely published and mentioned in books such as "No Logo" and "Sexy Design," and has appeared on CNN, NBC and RAI television.

May 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

AI Adoption in Alts

AI adoption across investment management is accelerating quickly. Most hedge funds and asset managers are already using tools like ChatGPT and Claude, primarily to more efficiently and quickly complete tasks such as summarizing documents, processing datasets, and automating internal workflows.

Firms remain reluctant to rely on AI for core investment decisions, and managers are adamant that portfolio construction and security selection remain firmly in human hands, largely due to concerns around accuracy, data security, and the risk of "hallucinations." A key limitation is that AI performs best on publicly available, unstructured data, while the most valuable investment insights depend on internal proprietary, highly sensitive datasets that are often poorly organized. As a result, many firms face a "trust gap," where the technology is capable, but the underlying data infrastructure is not and privacy concerns are paramount.

At this point, AI is generally seen as a force multiplier rather than a replacement. It can enhance speed, scale, and efficiency, but cannot eliminate the need for human oversight. The firms most likely to benefit are those that invest in strong data infrastructure and integrate AI thoughtfully into their processes, while maintaining a clear human decision-making layer.

Q1 M&A and IPO Recap

Global M&A activity slowed in Q1, however, companies involved were larger in size, increasing total corporate deal value by 26%. This trend of larger size and fewer deals also applied to the private markets, where M&A deal value soared to $861.1 billion in Q1, marking the strongest start since 2021, and a 9.7% increase over Q1 2025. Despite that, the 7,924 deals announced represents a 30% drop from the prior year.

Taking a look at IPO activity, there was significant appetite for large defense, likely related to geopolitical tension and conflict, and AI infrastructure public listings, continuing the focus on AI buildout. As we move into the summer, the $5 billion IPO of Pershing Square at the end of the month marked the largest IPO of 2026, as well as the largest closed end fund IPO in history. Additional mega IPOs SpaceX and OpenAI expected to drive unprecedented valuations and interest later this year.

Continuing Changes at the SEC

David Woodcock, a Partner at Gibson, Dunn & Crutcher, has taken the role of SEC Enforcement Director after Margaret Ryan's abrupt departure. This transition and potential impact on the SEC's leadership and enforcement philosophy could have ripple effects for markets and investment managers.

Under the new administration, enforcement activity has slowed by a large margin, with total actions declining roughly 22% year-over-year and financial penalties also falling behind previous years. Whether Woodcock shifts that direction is to be seen, with initial expectations of a targeted approach on enforcement, with increased emphasis on complex cases in areas like private funds. For investment managers, this approach suggests a continued environment of lower headline enforcement risk, but a potential increase in scrutiny on high-impact, technically complex areas as the agency regains footing under new leadership.

Private Credit Scrutiny Continues

Private credit markets remain under heightened scrutiny as regulatory attention and bank risk assessments continue to evolve. Banks are starting to tread more carefully, especially where fund finance, direct lending, and private equity overlap. While credit conditions remain stable, the shift in tone makes it clear they are paying closer attention to downside risk in a sustained higher-rate environment.

Despite pressures and individual sell-offs, the broader market does not appear to be unraveling. Instead, the shift reads more like a transition into a more mature phase, where disciplined underwriting, stronger structures, and transparency are becoming more important as private credit takes on a larger role in the financial system. ASC Advisors has robust experience helping firms communicate, especially when differentiation from peers and strategy becomes more essential.

The Geopolitical Impact on Markets

Geopolitical conflict in the Middle East continues to play a major role in market stability, and while numbers have been positive lately as narratives have shifted towards a potential end of tensions in the region, it is yet to be seen how and when things will settle and stabilize. While things remain uncertain and oil, gas and energy prices continue to fluctuate accordingly, the markets are proving resilient to-date, and the path forward will remain top of mind for both reporters and investors.

Firm News

Steve hosted two panels at GAIM Ops Cayman. The first was with renowned financial journalists Bethany McLean and Erin Arvedlund, who discussed breaking some of the most consequential financial stories of our time. The second was with Robert Johnston, Partner at Lowenstein Sandler LLP, on crisis communications and measures investment managers should take to prepare in advance of a crisis.

April 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

The Geopolitical Impact on Alts

The conflict in the Middle East has caused significant market volatility, as it is unclear how long it will persist and the resulting impact on oil and global trade. The initial news of militant action caused equity markets to fall sharply, and throughout March they have continued to swing on hopes of a resolution or fears of prolonged conflict.

At the center of the impact is the global energy shock due to disruptions around the Strait of Hormuz, and longer-term disruptions in exports and shipping could have significant implications more broadly. With unpredictable market reactions and geopolitical tensions high, many investors have become more risk averse, especially in growth names.

Separately, in recent years, many asset managers have opened offices in the Middle East, and it has become a growing financial hub. However, with the increased conflict managers have had to re-evaluate operations and plans for the future, while prioritizing employee safety and trying to keep business moving.

Alts Powered $1T in Manager M&A in 2025

While overall M&A activity slowed across asset and wealth management in 2025, the alternatives space moved in the opposite direction. According to FundFire, deals involving private markets firms rose more than 40%, surpassing $1 trillion in transacted assets in a single year for the first time. Private credit and real assets are at the center of this growth.

The increased activity comes as investors and wealth platforms continue to build out offerings in private markets. Rather than developing these capabilities internally, many firms are expanding through acquisitions of specialized managers. The result is a more concentrated industry, with a smaller number of firms gaining influence as consolidation continues across private markets. ASC Advisors has advised clients through numerous transactions, and looks forward to an active season in 2026.

The Future of Private Credit

Rising redemption requests, especially in semi-liquid funds, and non-stable sentiment has hit the private credit markets in recent months. While some investment managers have suggested recent actions are a result of years of poor underwriting alongside substantial AUM growth in the industry, sentiment is that this is more of a normalization than a collapse of the market, as factors such as software lending and AI innovations have coincided with market volatility.

In March, the market witnessed major players making adjustments, including BlackRock limiting withdrawals from a flagship private credit debt, Blackstone raising the redemption cap on its BCRED private credit fund, and prior to that, Blue Owl restricted quarterly investor withdrawals from its retail-focused private credit fund. Despite this, the overall private credit market seems to be tightening and maturing, not unraveling, and private credit fund managers are focusing on staying disciplined, diversifying their portfolios, and building stronger fund structures.

LinkedIn Dominates Professional Search Queries

New data shows that LinkedIn has become the most-cited domain in professional search queries across platforms like ChatGPT, Claude, and Gemini, with citations doubling since late last year. AI models tend to prioritize real, experience-based content, which is why platforms like LinkedIn, Reddit, and Wikipedia surface so frequently.

The implication is simple: your LinkedIn presence is no longer just a social profile; it is part of how you are represented in AI-driven search. Maintaining an active, thoughtful presence increasingly shapes how investors, clients, and partners find and evaluate you and your business.

Firm News

The Stewardship Series: ASC once again attended the Diligent series, a program designed to connect investors, issuers, and advisors to improve shareholder engagement, governance, and stewardship practices.

Robin Hood Golf Tournament: Steve traveled down to West Palm to meet Max Rayden for the annual Robin Hood Golf Tournament and Rock & Roll Spring Party at Emerald Dunes.

Tulane Conference: Taylor Ingraham and Max Rayden attended the 38th Annual Tulane Corporate Law Institute in New Orleans.

March 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Kevin Warsh, The Next Fed Chair

Market responses to Kevin Warsh's nomination as the next Fed Chair were mixed, with varied perspectives on whether Warsh will maintain the hawkish perspective he had while on the Federal Reserve Board of Governors from 2006 to 2011 or if he has shifted for a more dovish, lower interest rate outlook. Immediately upon announcement, the dollar strengthened and the Treasury curve steepened.

Warsh will likely push interest rates lower and has pushed for structural reforms, arguing the bank is experiencing "mission creep," and has overstepped its role due to the Fed's growing holdings of US Treasury debt and increasing size of its balance sheet. Warsh's plans focus on prioritizing price stability and narrowing the Fed's focus, establishing institutional independence, and how markets react and price in his views will have wide ranging impacts on how managers position portfolios.

The Crypto Crash

Since reaching its record high in October 2025, the crypto market has lost nearly $2 trillion in value. Crypto became increasingly aligned with traditional markets in 2025, absorbing the same macro-driven shocks that hit equities and other assets. We expect the convergence of crypto and traditional markets to continue in 2026.

For an asset that has been described as digital gold, Bitcoin's performance has diverged severely from gold over the past several months, and Forbes has reported that it has actually been in lockstep with the dollar's movement since early 2025. With prices in the $60,000 range, down around 50% from October highs, there is speculation we could be heading into a "crypto winter," however what that means today with increased institutional ownership and ETF flows will need to play out in the coming months.

Hedge Fund Flows Report

Hedge funds opened the year by extending the wave of capital inflows that followed their strong 2025 performance. January represented the third straight month of net asset growth for the industry, according to estimates from With Intelligence. Long/short equity strategies attracted the largest share of new capital during the month. Inflows also returned to CTAs, relative value, and event-driven funds after experiencing redemption pressure at year-end. For full-year 2025, hedge funds generated an estimated $46 billion in net inflows, the strongest year for capital raising in more than a decade.

The Software Crush and Tech Corrections

Recent corrections across technology and software stocks have reignited discussions around AI valuations. Many software and AI-related companies have seen their valuations decline by 10% to 20% or more, as investors grow more cautious about the pace at which heavy AI investment will translate into real financial returns.

Moving forward, AI's impact on traditional software business models, and how increasingly capable AI tools become at automating tasks, writing code, and replacing functions that previously required multiple software platforms, will determine the extent of areas of correction if these trends continue.

The Rise of AI-Generated Content

AI is changing the landscape for how LPs learn about investment opportunities and conduct due diligence, as well as how information is sourced and search results are compiled online. As a result, how firms manage their public profiles can have an outsized impact on information gathering and search results across the GEO (Generative Engine Optimization) landscape.

Firm News

South Florida Conferences: Max Rayden attended the inaugural Wall Street Journal Invest Live event at The Palm Beaches. Keely Gispan participated in Uncorrelated Alts Miami 2026 at The Ritz-Carlton in Miami Beach.

New York City Events: ASC attended The 35th annual McDermott Will & Schulte Private Capital Forum, an event designed for GPs, LPs, advisors, and sponsors.

February 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

13th Annual Media Memo

Earlier this month, we released our 13th annual media memo highlighting the latest moves and trends we are seeing from journalists covering the alternative investment industry as well as an outlook for 2026. It has been a particularly busy year with significant changes at Bloomberg, The Financial Times, and The Wall Street Journal. Contact us for the full report.

Select 2025 Media Moves

Key reporter moves in 2025 included: Bloomberg activism reporter Crystal Tse's move to London to focus on Europe deals. The FT saw Brooke Masters promoted to U.S. Managing Editor, Antoine Gara named U.S. PE and Deals Editor and Amelia Pollard pick up activism and deals in addition to covering hedge funds. Arleen Jacobius, long-time PE reporter at Pensions & Investments, announced her retirement. Ryan Prete took over covering Private Equity for the publication.

Key Topics from 2025

Artificial Intelligence: 2025 marked AI's shift from a headline trend to a real driver of strategy and capital allocation. Wall Street became the enabler of America's artificial intelligence boom, as hedge funds, private equity, private credit, real estate and venture capital increased spending on AI infrastructure, automation and analytics.

Regulatory Environment: In 2025, the Trump administration created a more favorable regulatory environment for alternative investment firms. Specifically, the SEC and other regulators cut back on enforcement, as part of a deregulatory posture and efforts to broaden the investor base.

Tariffs and Market Volatility: The Trump administration's renewed use of tariffs became a major driver of stock-market volatility, with markets reacting to both the initial announcement on Liberation Day in April, as well as during subsequent escalations and reductions throughout the year.

Return of the M&A Market: M&A activity rebounded in the second half of 2025 after a two-year downturn. Private equity and VC backed acquisitions hit a record combined value of approximately $311 billion, with 22 megadeals valued at $5 billion or more. Buyouts globally reached $1.1 trillion, up 51% from last year.

Looking Ahead

We expect media to remain focused on many of the same areas as in 2025, including: Fed independence and the eventual confirmation of Kevin Warsh as Fed Chairman; tariffs and the global trade landscape; continued strengthening of M&A activity; AI valuations and the tech market; digital assets regulation; global geopolitical tension; and continuation of fund inflows to record levels.

Firm News

Keely Gispan participated in Uncorrelated Alts Miami 2026, where speakers covered the current state of alternatives. Max Rayden represented the firm at the Wall Street Journal's inaugural WSJ Invest Live event.

December 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

This month, we wanted to highlight some of the causes that ASC and our team supported in 2025. Through both time and financial contributions, we seek to partner with organizations that give back to our communities.

In 2025, we supported: 100 Women in Finance Foundation, American Cancer Society, American Saltwater Guides Association, Boys & Girls Club of Stamford, The Buoniconti Fund, Comfort Zone Camp, Food Bank of Fairfield County, Help for Children, iMentor, A Little Hope Foundation, Planned Parenthood, Robin Hood Foundation, Special Olympics International, and Tightlined Conservation Coalition.

Help for Children

Steve attended the 25th Annual New York Cocktail Gala, which raised nearly $1.5 million to further their important work of preventing and treating child abuse. Dean Backer was honored as the 2025 Mission Honoree in recognition of his dedication to Help For Children.

100 Women in Finance

Kylie and Cassandra attended 100 Women in Finance's annual gala in November. The wonderful event raised over $1 million dollars to support advancing women in the finance industry.

The Robin Hood Foundation

This past May, Steve and Taylor attended the Robin Hood Foundation's annual benefit, where $72 million was raised to help eliminate poverty in NYC.

Tightlined Conservation Coalition

Taylor Ingraham once again volunteered his time organizing his annual fishing tournament to bring both anglers and non-anglers together to raise money and awareness for the conservation of our fisheries and marine resources.

Night of Hope Gala

Steve and Cassandra attended the 20th annual A Night of Hope Gala, which supports A Little Hope Foundation and Comfort Zone Camp, raising money for children who have lost a parent or close family member to suicide or overdose.

The Buoniconti Fund

Steve attended the 40th annual Great Sports Legends Dinner to support the Buoniconti Fund, which partners with The Miami Project to Cure Paralysis, an organization committed to finding a cure for spinal cord-related paralysis.

November 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Activist Campaigns Hit New Record For 2025

The 2025 surge in hedge fund activist campaigns marks one of the most active years on record. According to Barclays, 191 new campaigns were launched globally in the first nine months, matching the highest level ever recorded through the third quarter and on pace to surpass the 2018 record of 249 total campaigns. The U.S. has been the clear driver of this momentum, with activity rising 23%.

Activists have become increasingly effective in securing board representation, securing 98 board seats so far this year, a 17% rise from 2024, as companies continue to opt to settle rather than endure costly and very public proxy battles. CEO turnover under activist pressure is on track to reach an all-time high this year, with 25 CEOs having departed as a result of activist pressure.

ASC Advisors has advised clients, including Two Seas, through multiple successful M&A and other activism campaigns in 2025, and looks forward to another active season heading into 2026.

Financial Market Turbulence Persists

After a period of relative calm, financial markets have once again turned turbulent. A confluence of geopolitical developments, shifting trade dynamics, and evolving policy signals has unsettled investors, prompting a swift retreat from risk. Analysts have characterized the mood as reactive, with sentiment swinging sharply in response to unexpected headlines and policy shifts.

In this environment, capital has begun to flow toward perceived safe havens. Gold, in particular, has seen renewed interest as central banks and private investors seek stability amid the noise. Amidst the turmoil, reporters and media are always interested in covering how different strategies are approaching the markets and where opportunities may present themselves.

Hedge Fund Growth Reaches New Heights

The hedge fund industry hit a record $5 trillion in assets in 2025, according to Bloomberg. The industry is expected to continue to grow as institutions are increasing their allocations to both new and existing funds in an effort to capitalize on new investment opportunities given the uncertain and changing market.

Hedge funds saw the largest quarterly inflow since 2007, with nearly $34 billion during the three months through September, according to Hedge Fund Research Inc. The year has been strong overall with the third quarter performing exceptionally well.

FCA Proposal on Short Selling Advances in the UK

The Financial Conduct Authority's recent proposal on short selling brings much-needed clarity and modernization to the UK short selling regime. By shifting from firm-level to aggregated issuer-level disclosures, the framework enhances market transparency while reducing the compliance burden on individual firms.

Firm News

8th Annual Tightlined Slam: ASC's Taylor Ingraham hosted the 8th Annual Tightlined Slam Tournament in October. The event brings anglers and non-anglers together to raise money and awareness for the conservation of our fisheries and marine resources.

Night of Hope Gala: ASC was honored to attend the 20th Annual A Night of Hope Gala, supporting A Little Hope Foundation and Comfort Zone Camp.

2025 CorpGov Forum: Steve Bruce, Taylor Ingraham, Keely Gispan and Max Rayden attended this year's CorpGov Forum in West Palm Beach, FL. Steve and Taylor hosted their own panel discussions on how to communicate through a crisis and the intersection of private equity and founder-led businesses.

October 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

The SEC Shifts Towards Deregulation

In September, the Securities and Exchange Commission approved three significant actions to shift towards deregulation. First, the regulator voted to postpone hedge fund disclosure requirements to Oct 1, 2026, allowing the agency to consider options to reduce the number of private industry firms that have to file confidential information with the SEC.

Second, the SEC announced that it will no longer block companies from the public markets if they banned shareholders from filing class-action lawsuits. This change will make it more attractive for companies to IPO.

Finally, a regulatory panel has urged the U.S. government to strengthen protections for ordinary investors as private-equity firms seek to offer their funds more broadly, with recommendations aimed at expanding access to private markets while ensuring safeguards such as clearer disclosures and investor qualifications based on sophistication rather than wealth.

Multi Strats Surpass Equities For First Time

Multi-strategy hedge funds led asset growth in H1 2025, surpassing equity strategies for the first time, according to With Intelligence's Billion Dollar Club report. Five firms now manage over $70 billion in assets and total assets from 551 managers of the Billion Dollar Club reached a record $3.6 trillion. Investor sentiment improved, fueling $30 billion in net inflows, the strongest six-month total since 2021.

The Reemergence of Meme Stocks

Meme stocks are making a comeback after fading out of view post-pandemic. Recently, the VanEck Social Sentiment ETF (BUZZ), which tracks these buzzworthy stocks, is up 45% this year, beating the S&P 500's 14.3% return. JPMorgan has also recently flagged a new wave of meme stocks that may experience sudden swings, noting high interest from both retail investors and hedge funds.

Firm News

ASC Completes LinkedIn Ad Study: We recently conducted a study analyzing how hedge funds and private equity firms use LinkedIn's advertising capabilities to reach their target audiences in 2024. Overall, we saw a higher adoption rate of LinkedIn Ads from hedge funds, with 40% of the top firms actively running LinkedIn advertising campaigns.

ASC Proudly Supports The Buoniconti Fund: Steve Bruce represented the firm at the 40th Annual Great Sports Legends Dinner, championing the work toward a cure for paralysis.

September 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

The September 2025 issue covered developments across the alternatives landscape. Please contact us at info@ascadvisors.com for the complete archive or to receive future issues directly in your inbox.

August 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Crypto's Regulatory Breakthrough

Crypto had a defining month as regulation, innovation, and market growth came together. The GENIUS Act, the first major U.S. crypto law focused on stablecoin regulation, was enacted. It provides a "seal of approval" for the crypto industry, assigns oversight to agencies like the OCC and Fed, and has prompted traditional banks to explore stablecoin issuance. With regulatory clarity and institutional uptake and inflows serving as catalysts, the crypto market cap hit $4 trillion.

Changes at the SEC

Following the elimination of the proposal from the UK's Financial Conduct Authority regarding their name and shame proposal, the SEC is looking to make their own changes in regards to Wells notices. The most notable change is granting defense counsel a meeting with top SEC enforcement officials before an enforcement action recommendation is made, as well as sharing more information and evidence associated with cases.

SEC Chairman Paul Atkins also plans to work alongside the Labor Department to develop "good guardrails" enabling individual investors to include private market assets in their retirement plans.

401K Investing in Private Markets

Momentum to open the private market to the $12.5 trillion 401(k) market industry has gained significant momentum, with the White House preparing an expected executive order that would allow 401(k)s to tap into those investments. Large asset managers, including Blackrock, Blackstone and KKR, are advocating to bring private markets to these plans.

There is some pushback, especially from corporate administration, who argue these investments are risky, expensive, illiquid and complex. However, industry leaders believe that actual performance shows strong returns with low volatility.

Firm News

Our Associate Cassandra traveled to Kolkata, India for nearly three weeks with the nonprofit Finding Calcutta, where she volunteered at the Missionaries of Charity care homes and provided hands-on support to individuals in critical health and those with disabilities. Working in Kolkata broadened her global perspective and instilled in her a deep appreciation for diversity of culture, background and circumstance.

July 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Hiring and Compensation Hit New Highs and Lows

While the battle for talent at multi-manager shops has been an area of focus for quite some time, with record-breaking compensation packages reported on seemingly every month, how alternative investment managers in other areas of the market are approaching recruiting and hiring has also shifted with the market.

Hedge funds are not slowing down on the hiring front, with an increased need to foster top talent. The price tags have not only increased for senior-level investment talent, but also for firms looking to cultivate junior professionals through internships and entry level positions. Specifically, some interns at Citadel will earn as much as $63,000 for an 11-week program this summer.

Changes at the SEC

On June 13, the SEC announced that Brian Daly, a seasoned investment management lawyer with decades of experience advising private equity, hedge funds, and venture capital firms, will become Director of the SEC's Division of Investment Management starting July 8. The appointment signals a likely shift toward a more practical, market-informed regulatory approach.

Daly's appointment fits into SEC Chair Paul Atkins' broader agenda of recalibrating the agency's approach to rule making, away from perceived overreach and toward transparency, stakeholder engagement, and common-sense oversight.

Elon's Market Crash and Rebound

Few companies have ever been so closely tied to their CEO in terms of valuation than Tesla, and the risk and reward of that association was seen during June. The very public fallout between Elon Musk and Donald Trump sent shockwaves through the markets, wiping out $152 billion in Tesla's value in a single day.

In an era of increased transparency, volatility and heightened algorithmic trading, the reactions to CEO comments and other market surprises can be violent. For investment managers, understanding your audience and reach of your social media profile can be a valuable tool to reach target audiences.

Tension in the Middle East and Markets

While markets are calmer following the ceasefire agreement between Israel and Iran, the possibility for market volatility and disruption remains, especially if the current cease-fire falters. As tensions continue to simmer, we expect market reporters to monitor closely and look for manager insights on how things may move depending on geopolitical and trade developments.

Firm News

Digital FutureFest: ASC Advisors attended CT Digital Forum's first annual crypto conference in Stamford, Connecticut. We coordinated for clients to both speak and attend and enjoyed expanding our presence in the crypto sector.

Bloomberg Hedge Fund Forum: ASC Advisors once again attended the annual Hedge Fund Forum, where we had clients both speaking and attending.

June 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Equity Market Rebound

Since Liberation Day, equity markets have experienced a strong rebound, sparking a cautious sense of optimism among investors. Both the S&P 500 and the Nasdaq recorded solid gains throughout May, largely fueled by a surge in large-cap technology stocks and cautious optimism about more favorable international trade dynamics.

For alternative asset managers, this shifting landscape presents a nuanced opportunity, especially in light of the ongoing volatility and uncertainty in terms of tariff policies and bond market yields. Despite the upbeat tone, most alternative managers remain cautious, positioning portfolios for continued volatility while selectively deploying capital in strategies aligned with long-term structural shifts.

Changes at the SEC

Paul Atkins was sworn into office as the 34th Chairman of the SEC in late April, and while not many changes have taken effect yet, a broad deregulatory agenda is on the horizon. This is expected to include scaling back climate-related disclosures, shifting focus away from anti-corruption enforcement, adding access to private markets, extending compliance deadlines, and centering digital assets and cybersecurity disclosures.

Bond Market Volatility

Bond markets experienced significant volatility in May, with U.S. Treasury yields rising sharply due to declining demand and the S&P acting as the third ratings agency to downgrade treasuries. The 10-year Treasury yield surpassed 4.61%, and the 30-year exceeded 5.14%, largely influenced by concerns over U.S. debt.

Government bonds are no longer working as an effective hedge against risky assets, creating a challenge for global investors and spurring a search for asset diversification. Given the breakdown in the historical negative correlation between equities and bonds, alternative investment managers should explore new diversification methods to mitigate portfolio risks.

Firm News

Palm Beach Hedge Fund Association: ASC Advisors joined the Palm Beach Hedge Fund Association as its exclusive communications partner, following the March hiring of Max Rayden as Senior Director in West Palm Beach.

New Hires: We are thrilled to welcome Dan Stein, Cassandra Dasco, and Morgan Minoff to the ASC family.

Nasdaq Trade Talks: Taylor Ingraham joined Jill Malandrino's Nasdaq Trade Talks to discuss the rise in prominence of the secondaries market and how PE firms and other managers are leveraging deal announcements and thought leadership across traditional and social media platforms.

Regulatory Successes: Over the last year, our firm wrote three letters to the UK's FCA opposing their controversial "Name and Shame" proposal. We are thrilled that FCA decided to walk back that proposal in their final guidance.

May 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Venture Capital's Recalibration

Economic uncertainty, supply chain recalibration, limited exit options and ongoing market volatility triggered in part by tariff policies present the main challenges across various alternative investment strategies and have particularly impacted the outlook for VC's in 2025. Despite these challenges, venture deal activity in Q1 2025 matched prior quarters with 3,990 deals worth $91.5 billion, although a significant concentration of those investments were in AI startups.

From Alternative to Mainstream

The volatility of global stock markets amidst the Trump Administration's start-stop tariff policy underscored how larger, public alternative investment firms like Blackstone, KKR, and Apollo now closely resemble traditional financial institutions in both their structure and market sensitivity. Historically insulated from short-term market shifts, these firms have faced steeper declines in share prices compared to banks and insurers.

Given the substantial growth in private credit institutions and lending activity outside of traditional banks, hedge funds have increasingly stepped in to provide additional liquidity, particularly during periods of increased market stress. This trend highlights how deeply embedded alternative investment managers have become in the broader financial system.

Lowering the Regulatory Threshold

On April 7, the UK government and the Financial Conduct Authority proposed raising the threshold for "full-scope" regulation of alternative investment fund managers from £100 million to £5 billion in assets under management. This initiative aims to reduce regulatory burdens on smaller private equity and hedge funds. The reforms are part of a broader initiative to enhance the UK's attractiveness as an investment hub.

Firm News

ASC Advisors recently completed a study looking at how leading PE and Hedge Fund managers are using LinkedIn ads to reach LPs, portfolio company management teams, and recruits.

AIMA Webinar: Steven H. Bruce joined Peter Greene, Partner at Schulte Roth, to discuss Communicating with Investors in Volatile Markets.

GAIM Ops Cayman 2025: Steven H. Bruce was joined onstage by renowned journalist Bethany McLean for a fireside chat to discuss the evolving role of hedge funds in her reporting and the current investment management media landscape.

April 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Market Volatility

With the ongoing implementation of tariff and new spending policies, market volatility has increased significantly, resulting in a drawdown of approximately -6.35% in the S&P and -8.15% in the Nasdaq in March. In response to surging market volatility, hedge fund managers moved aggressively to cut back risk given the uncertainty. The expectation remains that volatility will persist, given tariff policies and as economic, domestic and foreign policy continue to restructure global trade.

SMAs

Separately Managed Accounts (SMAs) are experiencing a significant growth trajectory; current projections indicate that assets could surpass $5 trillion by 2026. The growth of SMAs is fueled by a focus on personalized solutions and tax management advantages, which have attracted interest from advisors, with 31% of advisors intending to increase their SMA investments in 2025. SMAs are now among the top three structures expected to grow in popularity in the near-term, alongside active and passive exchange-traded funds (ETFs).

ESG Uncertainty

ESG's role in the corporate and financial world has shifted drastically over the months leading up to and through this year's inauguration. While the pendulum of how LPs and institutions viewed ESG had started swinging back in '24, the change has been significantly more notable during the first quarter of '25, with administration orders to eliminate DEI policies and practices driving national and global companies and investment managers to abandon any public messaging around such policies.

We expect this pendulum to continue to swing, and in the meantime, expect media to continue to follow closely how the investment management space, including LPs and private and public company boards and management teams, reacts and addresses these policies.

Firm News

The FCA announced the withdrawal of its Name and Shame legislation, following industry-wide pushback.

Max Rayden joined ASC as Senior Director, based in West Palm Beach.

Managing Partner Steve Bruce and Senior Director Max Rayden attended Robin Hood's Spring Gala at the Emerald Dunes Golf Club in West Palm Beach.

Managing Partner Steve Bruce appeared on a panel discussing topics ranging from crypto regulation, fund formation and crisis management at AIMA's Global Policy & Regulatory Forum.

ASC Advisors Featured in Hedge Fund Alert's 2025 List of PR Firms Advising Hedge Funds

ASC Advisors was recognized in Hedge Fund Alert's annual ranking of public relations firms advising hedge funds, reflecting the firm's position as the leading strategic positioning practice dedicated exclusively to alternative investment management.

The recognition reflects ASC's consistent presence in the hedge fund communications landscape and the depth of its relationships across the alternative investment management community.

ASC Advisors Launches Dedicated Digital Media Practice Led by Ana Villarreal DuFlo

ASC Advisors announced the launch of a dedicated digital media practice, led by Senior Director Ana Villarreal DuFlo. The practice brings bespoke digital strategy fully integrated with ASC's strategic positioning capabilities, a distinctive offering in the alternative investment communications space.

The digital practice covers the full spectrum of online positioning: LinkedIn strategy and optimization, GEO (Generative Engine Optimization) for AI-driven search, digital media placements, social media strategy, and AI search presence monitoring. Ana DuFlo leads the practice from New York.

ASC Advisors New Addition Featured in FT Due Diligence Newsletter

The Financial Times Due Diligence newsletter featured coverage of ASC Advisors and a new addition to the firm, highlighting ASC's growing presence in the alternative investment communications sector.

The FT Due Diligence newsletter is widely read across the private equity and M&A communities, reaching senior dealmakers and investors across the globe.

ASC Advisors Hires Edelman Smithfield's Max Rayden as Managing Director

PR Week reported on the appointment of Max Rayden as Managing Director at ASC Advisors. Max joined from Edelman Smithfield, where he served as Vice President on the Financial Services team advising clients across private equity, hedge funds, venture capital, and asset management.

Max is based in West Palm Beach, Florida, and his appointment reflects ASC's growing presence in South Florida, one of the fastest-growing hubs for alternative investment management in the United States.

July 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

The Warsh Era at The Fed

Kevin Warsh, sworn in as Fed chairman last month and explicitly invoking Alan Greenspan as his model, used his first policy meeting to launch a sweeping overhaul of how the Fed operates. He announced five task forces, which cover communications, the balance sheet, economic data and analytics, inflation frameworks, and the impact of AI. Notably, the shift has come with a softer tone than expected: after previously blasting the Fed's "credibility deficit" while campaigning for the job, Warsh has since praised the institution's culture and colleagues, easing fears of a contentious transition.

The most visible early change has been communications style: the post-meeting statement dropped the boilerplate framing used since the financial crisis and reverted to a pre-2009 format that leads with the rate decision itself. Further changes may follow, including a possible end to the "dot plot" rate forecasts, a rethink of press conferences, and a fresh look at how the Fed measures inflation after years of overshooting its target. On rate policy itself, Warsh is expected to steer a neutral course for now, with hiring holding up and inflation elevated, the Fed is likely to drop its rate-cut-leaning language in favor of neutral wording, and quarterly projections are expected to show no 2026 cut and only one or two next year.

Beyond policy, colleagues expect Warsh to run a quieter Fed, encouraging fewer public speeches and more internal debate, consistent with his stated aim of pulling back a projections framework he has criticized for giving markets excessive "forward guidance."

H1 Increase in Fund Launch Activity

New private fund launches are running well ahead of last year's pace, with 8,843 funds issued through May, a 38% increase over the same period in 2025, according to data provider Convergence. At the current trajectory, the market is on track to produce 21,223 new private funds this year, 9.3% above Convergence's base-case estimate, with investors already allocating $724.5 billion across private funds year-to-date.

The surge is being driven almost entirely by venture capital. VC funds posted 71% year-to-date growth across 2,746 funds, fueled by record AI investment and the continued democratization of alternatives into retail and wealth channels. This tracks with broader market data: global venture investment hit an all-time high of $297 billion in Q1 2026, with AI accounting for 81% of total global venture funding. The U.S. Department of Labor's proposed guidance allowing alternative assets in 401(k) plans could extend the VC wave further by opening retirement capital to private market strategies.

Hedge fund activity is also constructive. Existing funds saw fundraising grow 47% over the past year, with $159.5 billion raised year-to-date, while new hedge funds raised $34 billion across 654 funds. This follows a strong 2025, in which 562 new hedge funds launched, the highest annual total since 2021, and fund closures fell to their lowest level since 2004. Total hedge fund assets reached a record $5.16 trillion at the start of 2026. Real estate remains the clear laggard, raising just $2.4 billion year-to-date across the category. Overall, fund launch activity is expected to remain strong through the second half of 2026.

FCA's Name and Shame is Revised

The FCA has published its revised enforcement guidance (PS25/5, effective June 3, 2025), abandoning the controversial "public interest framework" that would have allowed it to publicize investigations into regulated firms before any findings are made. Following a lessons-learned review, FCA Chief Executive Nikhil Rathi acknowledged to the House of Lords Financial Services Committee that the regulator should have conducted more pre-consultation work, worded the consultation as a starting point rather than a conclusion, and been more transparent.

The revised guidance retains the existing "exceptional circumstances" test as the principal standard, while introducing three narrower additional circumstances: where a firm is suspected of unauthorized financial services activity warranting consumer warnings; where the subject or a public body has already made the investigation public; and on an anonymized basis for educational or compliance purposes.

ASC submitted two letters to the FCA opposing the proposal on behalf of our clients, and the final guidance reflects a number of the drafting suggestions we put forward. We are pleased that our strong and constructive engagement has helped secure an outcome that meaningfully protects our clients' interests, the "public interest framework" is gone, and the bar for publicizing investigations into regulated firms remains appropriately high.

Breakout Year for IPOs

2026 is turning into a breakout year for IPOs after a multi-year slump, driven largely by SpaceX's record-setting June 12 debut (valued near $2 trillion, briefly making Elon Musk the world's first trillionaire before the stock later pulled back). That deal has reignited investor appetite, with US IPO volume expected to surpass 2021's record and other high-profile names lining up: Pershing Square already went public in April, OpenAI and Anthropic have confidentially filed S-1s for expected late-2026 debuts, and companies like Deep Fission, Databricks, Strava, Discord, Kraken, and Oura are also weighing or preparing offerings.

Analysts expect the "IPO window" to widen beyond mega-deals to mid-cap issuers and underrepresented sectors (AI, energy, defense, biotech), aided by strong aftermarket performance and contained volatility, though risks remain, including a possible high-profile IPO flop, sector concentration, and doubts about whether AI companies like OpenAI (posting billions in losses) can justify their valuations. Overall, the SpaceX IPO could be the leader for a broader, more diversified public-markets reopening likely to build through 2027.

In some ways, what we're seeing now is simply a natural rebound. Still, it clearly signals optimism on both sides: companies feel confident enough in their business prospects to want the capital IPOs would bring, and investors are showing similar confidence, which shows up broadly across equity valuations.

Prediction Markets Regulation

Prediction markets are under increased regulatory scrutiny as the CFTC seeks to clarify how event contracts should be handled. On June 10, the agency released a comprehensive 267-page proposal detailing how it would assess contracts related to terrorism, war, assassination, gambling, and other illegal activities.

These platforms are increasingly being watched for real-time signals on elections, Fed decisions, regulatory outcomes, and macro events. For event-driven and macro-focused strategies, prediction markets can help inform scenario analysis, risk management, and portfolio positioning around binary outcomes that are often difficult to hedge with traditional instruments.

Instead of banning broad categories outright, the CFTC proposes reviewing contracts on a case-by-case basis using a public-interest standard. These rules would primarily affect federally regulated platforms like Kalshi, while offshore and decentralized markets would remain harder to supervise. Sports contracts remain a major point of contention, with state gaming regulators arguing that certain products resemble sports betting too closely. More broadly, the debate raises the question of whether prediction markets will remain niche trading venues or evolve into a more regulated part of market infrastructure.

Firm News

Steve Bruce attended The Annual All-Day CT Digital FutureFest, Connecticut's premier executive gathering for senior-level leaders, investors, and innovators. Taylor Ingraham and Cassandra Dasco once again attended the Summer Drinks with Diligent Market Intelligence & Olshan in Manhattan; it was great to see clients and friends. Kylie Souder attended the Axios AI+NY Summit 2026 to hear from top leaders across tech, finance, media, health care, and beyond about how AI is reshaping industries central to New York's economy.

June 2026

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

AI Research Efficiency

While media and other key third parties continue to focus heavily on how alternative investment managers are using AI in investment and risk processes, it is meaningfully changing the way research is being conducted. From ChatGPT and Perplexity to Google's AI Overviews, limited partners, allocators and counterparties are leaning on these tools to form first impressions of alternative investment managers and their leadership.

Stories and information that otherwise would have taken deep research to find are now readily available, and AI summaries pull from whatever exists across the web, including regulatory filings, press coverage, conference bios, litigation records and more. Critically, AI doesn't consistently distinguish between sources, potentially allocating outsized weight to a decade-old critical article or an out-of-context quote. What constitutes "low-profile" today is different than it was even months ago, and proactive profile management has become a strategic imperative.

The 2026 State of Venture Capital

Venture capital in 2026 finds itself at one of the most consequential crossroads in the asset class's history, with $3.6 trillion in AUM. According to PitchBook, AI companies captured 81% of global venture funding in Q1 2026 alone, with nearly three-quarters of all U.S. venture capital flowing into just five deals. OpenAI, Anthropic, SpaceX, and xAI have each achieved valuations that dwarf what companies like Google or Facebook were worth at the time of their IPOs. Deep tech now commands nearly a third of all venture funding, and the entire industry is watching closely as the most consequential set of IPOs in venture history approaches.

Shareholder Activism Trends

Shareholder activism continues to expand well beyond the historical confines of proxy season, with approximately 62 campaigns worldwide in Q1 alone and nearly two-thirds originating in the U.S. What is notably different this year is who is doing the pushing — roughly half of all campaigns are being launched by new entrants, including multi-strategy hedge funds, private equity firms, and long-term shareholders. Looking ahead, the conditions that have fueled activism show little sign of abating.

Real Estate Market Flux

The U.S. real estate market remains dynamic with both domestic and global factors impacting activity. The House approved the 21st Century ROAD to Housing Act after removing a provision that would have required major investors to sell newly constructed build-to-rent communities within seven years. Single-family homebuilding dropped sharply in April while mortgage rates increased to their highest point in more than 8 months. On the commercial side, net lease continues to offer rare stability, with industrial and essential retail leading performance.

Firm News

Taylor Ingraham attended the SuperReturn COO/CFO North America Conference in Chicago, discussing executive and corporate positioning in the age of AI. Taylor also attended Upstate Capital's 'Inside the Playbook: How Private Equity is Reshaping Sports.' Cassandra Dasco attended the Finimize Modern Investor Summit, hosted by VanEck.

March 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Market Update

March 2025 marked continued shifts across alternative investment markets as the new administration's policy agenda began to take shape. Fund managers navigated shifting regulatory expectations while positioning portfolios for evolving macro conditions. Private credit continued its expansion, while private equity deal activity showed early signs of recovery.

Regulatory Environment

The new SEC leadership signaled a shift in enforcement priorities, with expectations of a more targeted approach emphasizing complex cases in areas like private funds. For alternative investment managers, this suggests a continued environment of lower headline enforcement risk, but potential for increased scrutiny on high-impact and technically complex situations as the agency regains footing under new leadership.

Firm News

ASC Advisors expanded its senior team with the addition of Max Rayden as Senior Director, based in West Palm Beach. Max joins from Edelman Smithfield, where he advised clients across private equity, hedge funds, venture capital, and asset management. The firm was featured across a range of media including the Financial Times Due Diligence newsletter, PR Week, Alternative Fund Insight, and Hedge Fund Alert.

February 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Alternative Investment Landscape

February 2025 brought increased activity across private markets as managers positioned for a new policy environment. Private credit continued its expansion as an asset class, while private equity deal activity showed early signs of recovery following a slower 2024.

FCA Name and Shame

ASC Advisors continued its advocacy against the FCA's controversial "Name and Shame" proposal, which would have allowed the regulator to publicly name firms under investigation before any determination of wrongdoing. Our submissions on this issue were referenced in Hedge Fund Alert, and we are pleased to report that the FCA ultimately walked back that proposal in their final guidance — a positive outcome for the alternative investment community.

Firm News

ASC was featured in an Align Insights article "Experts React to the SEC's Cyber Crackdown," providing perspective on how alternative investment managers should approach cybersecurity-related communications and the importance of proactive frameworks ahead of potential incidents.

January 2025

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Year in Review: 2024 Key Themes

2024 was defined by divergence across alternative investment strategies, with private credit continuing its remarkable growth while traditional hedge fund strategies navigated choppy conditions. Regulatory complexity increased globally, with the FCA's "Name and Shame" proposal drawing significant industry pushback, including from ASC Advisors. Our advocacy efforts, alongside the broader industry, contributed to the FCA ultimately reversing course on the proposal.

Looking Ahead to 2025

The new year brings a new administration in Washington and a shifting regulatory landscape. For alternative investment managers, the communications environment is evolving rapidly — from AI-driven research tools reshaping how firms are discovered and evaluated, to increasing LP expectations around transparency and proactive engagement. ASC Advisors is committed to helping clients navigate these dynamics with differentiated, always-on communications programs.

Firm News

ASC Advisors was featured in Hedge Fund Alert's annual list of Public Relations Firms Advising Hedge Funds, and in The Deal article "Who's Helping Whom '24: Communications Firms," reflecting our growing profile in the industry. We look forward to building on this momentum in 2025.

December 2024

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

End of Year Outlook

As 2024 draws to a close, alternative investment managers are assessing a year marked by resilience in private markets, continued LP scrutiny of fees and transparency, and a global regulatory environment that has grown more complex. Private credit stands out as a clear growth story, while the M&A market shows early signs of recovery heading into 2025.

Communications Priorities for 2025

AI-driven research is changing how LPs, allocators, and counterparties discover and evaluate firms. Proactive profile management, consistent digital presence, and disciplined narrative control will be critical differentiators in the year ahead.

Firm News

Taylor Ingraham spoke at the 4th Annual Palm Beach CorpGov Forum in November, discussing executive positioning and communications strategy for alternative investment managers. We are grateful to our clients and partners for their continued trust and look forward to serving them in 2025.

November 2024

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Election Season and Markets

November 2024 brought significant political developments as the U.S. election shaped market expectations and regulatory outlooks for alternative investment managers. The prospect of a new administration raised questions about SEC enforcement priorities, carried interest treatment, and the future of the private fund adviser rules that had generated significant industry pushback.

FCA "Name and Shame" Update

ASC Advisors submitted evidence to the FCA in October regarding its "Name and Shame" proposal, arguing that the ability to publicly identify firms under investigation before any finding of wrongdoing poses serious reputational risks to legitimate businesses. Our submission was referenced in Hedge Fund Alert's coverage of the issue.

Firm News

Taylor Ingraham spoke at the 4th Annual Palm Beach CorpGov Forum, joining a panel discussion on executive positioning and communications for alternative investment managers. ASC was also featured in Hedge Fund Alert's coverage of the FCA's "Name and Shame" proposal, as well as The Deal's annual "Who's Helping Whom" communications industry roundup.

October 2024

Welcome to ASC Advisors' monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.

Private Markets Momentum

October 2024 saw continued LP demand for alternative investment strategies, particularly in private credit and infrastructure. Secondary market activity accelerated as GP-led transactions provided liquidity solutions for investors seeking exits in a market with limited distribution.

FCA Name and Shame: ASC's Position

ASC Advisors submitted evidence to the FCA opposing the "Name and Shame" proposal, which would allow the regulator to publicly identify firms under investigation before any determination of wrongdoing. Our submission argued that this approach would cause serious reputational harm to innocent parties and undermine investor confidence. Our letters on this issue have been referenced in Hedge Fund Alert, Pensions & Investments, and Forbes.

Firm News

ASC Advisors was featured in Hedge Fund Alert's annual list of Public Relations Firms Advising Hedge Funds for 2024. Steve Bruce hosted a webinar with Pensions & Investments on communications strategy for alternative investment managers. ASC also joined Arootah for a webinar on "Contingency Planning and Crisis Management for Alternative Investment Funds."

ASC Advisors Welcomes Max Rayden as Senior Director

ASC Advisors announced that Max Rayden has joined the Firm as a Senior Director based in West Palm Beach. Max brings significant experience working with investment managers across media relations, brand building, reputation management, special situations and crisis communications.

The addition reflects ASC's ongoing focus on the South Florida market and enhances the Firm's capabilities and ability to serve existing and prospective clients. Max works closely with Miami-based ASC Managing Director Keely Gispan to further expand the Firm's presence in the South Florida region.

Prior to joining ASC, Max spent six years on the Financial Services team at Edelman Smithfield, where he provided strategic communications counsel to clients across private equity, private credit, hedge funds, venture capital, asset managers, and banks. Before entering financial communications, Max spent over five years in the financial sector in asset management, equity sales, and the family office space in both London and New York. Max is also a non-practicing legal barrister in the UK.

ASC Advisors' New Team Member Featured in Latest Issue of HFA

Hedge Fund Alert featured coverage of ASC Advisors and the firm's newest team member, Max Rayden, who joined the firm as Senior Director in March 2025. The coverage highlighted Max's background in financial communications and his focus on serving alternative investment managers in South Florida.

Hedge Fund Alert is a leading trade publication covering the hedge fund industry, read widely by fund managers, allocators, and service providers across the alternative investment community.

ASC Advisors Featured in Alternative Fund Insight

Alternative Fund Insight featured coverage of ASC Advisors, highlighting the firm's specialized focus on the alternative investment management space and its growing team and capabilities. Alternative Fund Insight covers developments across the global hedge fund and alternative investment industry.

The coverage reflected ASC's continued growth and expanding presence across South Florida and the broader alternative investment communications market.

ASC Advisors' Stance on Name and Shame Featured in Hedge Fund Alert

Hedge Fund Alert featured ASC Advisors' position opposing the FCA's controversial "Name and Shame" proposal, which would have allowed the regulator to publicly identify firms under investigation before any determination of wrongdoing. ASC submitted multiple letters to the FCA opposing this measure, arguing it posed serious risks to the reputations of innocent parties and would undermine investor confidence in UK-regulated markets.

The FCA ultimately walked back this proposal in its final guidance — a positive outcome for the alternative investment community that ASC Advisors advocated for throughout the public consultation process.

ASC Advisors Featured in Align Insights Article "Experts React to the SEC's Cyber Crackdown"

Align Insights featured commentary from ASC Advisors in an article examining how alternative investment managers should respond to the SEC's increased focus on cybersecurity disclosures and enforcement. ASC provided perspective on the communications dimensions of cybersecurity preparedness, emphasizing the importance of proactive frameworks rather than reactive crisis responses.

With the SEC's cybersecurity disclosure rules requiring registered investment advisers to report material cybersecurity incidents, ASC noted that firms should establish clear internal and external communications protocols well in advance of any potential incident.

ASC Advisors Partner Taylor Ingraham Speaks at 4th Annual Palm Beach CorpGov Forum

ASC Advisors Partner Taylor Ingraham participated as a speaker at the 4th Annual Palm Beach CorpGov Forum, joining a distinguished panel of alternative investment industry leaders to discuss executive and corporate positioning for fund managers. The forum brings together private equity leaders, operators, and advisors to examine best practices in governance and communications.

Taylor's panel addressed how alternative investment managers can leverage communications to build credibility with LPs, regulators, and other key stakeholders, with a focus on the evolving digital landscape and the role of AI in investor research and due diligence.

ASC Advisors Featured in Hedge Fund Alert's List of Public Relations Firms Advising Hedge Funds

Hedge Fund Alert featured ASC Advisors in its annual list of public relations firms advising hedge funds, recognizing ASC's specialized focus on and deep expertise within the alternative investment management space. As the largest team in the communications industry dedicated exclusively to alternative investment management, ASC's inclusion reflects both the breadth of its client relationships and its reputation for delivering differentiated, impactful communications programs.

ASC Advisors' Letter to the FCA on its "Name-and-Shame" Proposal Quoted in Hedge Fund Alert

Hedge Fund Alert quoted ASC Advisors' formal submission to the FCA opposing its proposed "Name and Shame" policy. ASC's letter argued that this proposal represents a fundamental departure from the principle of innocent until proven guilty and would cause serious, potentially irreversible reputational harm to legitimate businesses.

The FCA's proposal drew widespread industry opposition, with ASC Advisors among the communications firms most actively engaged in the consultation process. The FCA ultimately reversed course on the policy in its final guidance.

ASC Advisors Hosts Webinar with Pensions & Investments

ASC Advisors hosted a webinar in partnership with Pensions & Investments on strategic communications for alternative investment managers. The webinar addressed how fund managers can more effectively engage institutional allocators through proactive, consistent communications programs.

Topics covered included the evolving LP communications landscape, best practices in media relations for alternative investment managers, and how digital platforms are reshaping the way funds are discovered and evaluated by institutional investors.

ASC Advisors Featured in The Deal Article "Who's Helping Whom '24: Communications Firms"

The Deal featured ASC Advisors in its annual "Who's Helping Whom" survey of communications firms advising on M&A and special situations transactions. The survey highlights the leading communications advisors active in the market across strategic transactions, activist defense, crisis management, and other high-stakes situations.

ASC Advisors' inclusion reflects our deep experience in M&A communications, shareholder activism, and special situations advisory — areas where differentiated communications strategy can have a meaningful impact on transaction outcomes and stakeholder confidence.

ASC Advisors Joins Arootah for Peer Group Webinar on "Contingency Planning and Crisis Management for Alternative Investment Funds"

ASC Advisors joined Arootah's Peer Group Webinar series for a session on contingency planning and crisis management for alternative investment funds. The webinar brought together senior professionals to share practical insights on crisis preparedness and communications strategy.

Topics included developing crisis communications frameworks, the role of external advisors in crisis situations, and how fund managers should engage media, investors, and regulators during periods of stress.

ASC Advisors' Letter to the FCA Featured in Pensions & Investments Article

Pensions & Investments featured ASC Advisors' formal submission to the FCA regarding its "Name and Shame" proposal, highlighting the firm's role as a vocal advocate for the alternative investment management community on this issue. P&I's coverage brought additional visibility to the industry's opposition to the FCA's proposed policy changes.

ASC's prominence in this coverage reflected our expertise in both UK regulatory affairs and communications strategy for the alternative investment community.

ASC Advisors Managing Partner Steve Bruce Speaks at GaimOps Cayman

ASC Advisors Managing Partner Steve Bruce participated as a featured speaker at GaimOps Cayman, one of the premier conferences for alternative investment managers, COOs, CFOs, and operations professionals. GaimOps Cayman brings together senior leaders from hedge funds, private equity firms, and other alternative investment managers to discuss operational best practices, regulatory developments, and strategic priorities.

ASC has been a consistent presence at industry forums, underscoring our commitment to thought leadership and engagement within the alternative investment community.

ASC Advisors Mentioned in Forbes Article "The FCA's Unwise Idea In The Name Of Public Interest"

Forbes featured a mention of ASC Advisors in an article examining the FCA's "Name and Shame" proposal. The article drew on ASC's public advocacy opposing the proposal, which would have allowed the FCA to publicly identify firms under investigation before any finding of wrongdoing.

ASC's position — that the proposal posed serious risks to the reputations of innocent parties and would undermine market confidence — was part of a broader industry coalition that ultimately succeeded in persuading the FCA to reverse course on the policy.

ASC Advisors' ESG Study Referenced in Forbes Article "Why has ESG Become The Toxic Wordle In Asset Management?"

Forbes referenced ASC Advisors' proprietary ESG & The Top 50 Hedge Funds Study 2024 in an article examining the evolving role of ESG in asset management. The study analyzed how the world's largest hedge funds communicate around ESG themes, providing data-driven insight into the growing tension between investor demand for ESG integration and the political and regulatory backlash against ESG-focused investing.

ASC's research highlighted the communications challenges facing fund managers as they navigate competing pressures from different LP constituencies on ESG topics, and the importance of clear, consistent messaging in managing this complexity.

ASC Advisors Managing Partner Steve Bruce Speaks at AIMA's Global Policy & Regulatory Forum 2024

ASC Advisors Managing Partner Steve Bruce spoke at the Alternative Investment Management Association's (AIMA) Global Policy & Regulatory Forum 2024, one of the most prominent gatherings of alternative investment industry leaders focused on policy and regulatory developments worldwide.

Topics at the forum included the FCA's "Name and Shame" proposal, global regulatory convergence, and the communications implications of an increasingly active regulatory landscape for alternative investment managers.

ASC Advisors' ESG & The Top 50 Hedge Funds Study 2024

ASC Advisors published its ESG & The Top 50 Hedge Funds Study 2024, a proprietary analysis examining how the world's largest hedge funds communicate around environmental, social, and governance themes. The study provided a comprehensive look at the state of ESG communications across the hedge fund industry at a time of intense scrutiny and evolving investor expectations.

Key findings highlighted the growing divergence between managers who have embedded ESG language into their core communications and those who have deliberately distanced themselves from the term amid political and regulatory headwinds. The research was subsequently referenced in Forbes.

ASC Advisors' Bi-Annual Social Media Report 2023

ASC Advisors published its Bi-Annual Social Media Report 2023, a comprehensive analysis of how alternative investment managers use social media platforms — primarily LinkedIn — to communicate with key stakeholders. The report examined posting frequency, content themes, engagement rates, and emerging best practices among leading hedge funds and private equity firms.

The research revealed significant variation in social media engagement across the alternative investment space, with a growing cohort of managers recognizing LinkedIn as a critical channel for LP communications, talent attraction, and brand building.

ASC Advisors Named Among Leading Communications Advisors to Activists in 2022

ASC Advisors was named among the leading communications advisors to activist investors in 2022, reflecting the firm's deep expertise in shareholder activism, special situations, and M&A communications. ASC's experience spans both offensive and defensive activist campaigns, providing communications counsel to managers pursuing activist strategies as well as companies responding to activist pressure.

Our recognition as a leading advisor to activists underscores ASC's reputation for sophisticated, high-impact counsel in the most complex and high-stakes communications environments in the alternative investment industry.

Privacy Policy

Last updated: June 2026

ASC Advisors LLC ("ASC Advisors," "we," "our," or "us") is committed to protecting the privacy of visitors to our website at www.ascadvisors.com (the "Site"). This Privacy Policy explains what information we collect, how we use it, and your choices regarding that information.

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ASC Advisors LLC
Stamford, Connecticut
info@ascadvisors.com
+1 (203) 992-1230

8. Changes to This Policy

We may update this Privacy Policy from time to time. When we do, we will revise the "Last updated" date at the top of this page. We encourage you to review this policy periodically.