Is the firm registered with the SEC or regulated by any other U.S. or foreign regulatory agencies?
Yes, within the Avenue Capital Group there are four entities registered as investment advisers with the SEC: Avenue Capital Management II, L.P., Avenue Asia Capital Management, L.P., Avenue Europe International Management, L.P. and 12th Avenue Management, L.P. In addition, Avenue Europe Management, LLP, a sub advisor to Avenue Europe International Management, L.P., is authorized and regulated by the United Kingdom's Financial Conduct Authority and Avenue Asia Capital Management, L.P. is registered as a Foreign Institutional Investor with the Securities Exchange Board of India.
Who are the prime brokers for the firm's accounts?
The firm uses Citigroup Global Markets, Inc., Goldman Sachs & Co. and JPMorgan Clearing Corporation, and may from time to time use other New York Stock Exchange members as prime brokers.
Who is Avenue's auditor?
PricewaterhouseCoopers, LLP is the auditor for Avenue Capital Group (which for these purposes includes Avenue Capital Management II, L.P., Avenue Asia Capital Management, L.P., Avenue Europe International Management, L.P., 12th Avenue Management, L.P. and certain entities that are affiliated with or controlled by the firm). Deloitte & Touche LLP is the auditor for certain entities managed by 12th Avenue Management, L.P.
Please describe the firm's infrastructure.
In addition to its research and investment professionals, the firm maintains significant back-office systems and staff to provide investor relations; facilitate accounting and reporting; monitor risk; comply with applicable laws, rules and regulations; and ensure adherence to compliance policies. This distribution of resources serves as a system of checks and balances among finance, risk, compliance, trading and portfolio management professionals.
The firm's operations are connected to those of our prime brokers: Citigroup Global Markets, Inc., Goldman Sachs & Co. and JPMorgan Clearing Corporation. Much of our critical information is entered on a daily basis into their systems. This includes information on trades, account holdings and account transactions.
Does the firm have a disaster recovery plan?
Yes. The firm has adopted and implemented a comprehensive disaster recovery plan for managing data backup and recovery, worst-case scenario planning and disruptions to the Internet and other communications systems. Avenue's personnel are cross-trained with respect to the responsibilities of each of the firm's departments to enable the firm to best meet its fiduciary obligations to its clients in the event of a disaster or significant business disruption. The firm also maintains a disaster recovery site.