Washington, D.C. – MFA President and CEO Bryan Corbett issued the following statement after the U.S. District Court for the Northern District of Texas vacated the FTC Non-Compete Rule:
“Vacating the FTC Non-Compete Rule nationwide is positive for competition, employees, and protecting intellectual property in the alternative asset management industry. It will benefit investors in private funds, including pensions, foundations, and endowments. In its ruling, the court agreed with MFA’s position that the Rule exceeded the FTC’s statutory authority and is arbitrary and capricious.” — Bryan Corbett, MFA President & CEO
You can read the court’s full decision here.
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About the global alternative asset management industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $5.5 trillion (Q3 2023). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About MFA
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 180 member fund managers, including traditional hedge funds, credit funds, and crossover funds, that collectively manage over $3.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.
