Alternative mutual funds offer hedge fund managers a way to increase their assets by reaching a retail investor audience.  In the U.S., such funds are governed by the Investment Company Act of 1940 and, as such, must meet a broad array of regulatory and compliance requirements – requirements that are new to many hedge fund managers.  See “The First Steps to Take When Joining the Rush to Offer Registered Liquid Alternative Funds,” Hedge Fund Law Report, Vol. 7, No. 42 (Nov. 6, 2014).  At a recent program, two private sector practitioners and an SEC official considered the compliance challenges faced by hedge fund managers that launch, advise or sub-advise alternative mutual funds.  This article summarizes the main points from the program.