FORTUNE -- Topturn Capital has become the first hedge fund manager to create and publish a public advertisement for its services, more than two months after the SEC lifted its decades-old ban on general solicitation.
The ad, first noticed by Buzzfeed, focuses on the similarities between a "top turn" surfing maneuver and the Monterey, Calif.-based firm's proprietary investment strategy, which includes equities, commodities, fixed income and currency. To drive home the point, Topturn hired pro surfer Joe Curren to appear in a speaking role.
"So much material for hedge funds looks exactly the same, and [registered investment advisors] are inundated with it," says Dan Darchuck, Topturn's co-founder and CEO. "So we had interest in doing something different, and some marketing people guided us to do a video."
Topturn has posted the video on its website, in the hopes of generating new client interest. It also has sent a copy out to both existing and prospective investors.
One thing the video doesn't discuss is Topturn's investment performance, which Darchuck says was a conscious decision. "We wanted to convey how we think about investing, and if people are interested we will then provide all of the data they need."
Through last October, Topturn reported just over $100 million in assets under management on behalf of 201 clients. Around $72 million of that was discretionary.
It will be interesting to see if Topturn's ad gambit pays off in terms of new investors, since that would be what could prompt other hedge fund managers to follow suit. In general, the new general solicitation rules have mostly been leveraged by startups seeing seed and early-stage capital. One venture capital firm also began generally soliciting last month, but so far has not been followed.
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ff Venture Capital is asking for money. Publicly.
FORTUNE -- This morning ff Venture Capital will become the first VC firm to take advantage of the SEC's new general solicitation rules, which allow companies and investment firms to publicly seek capital from accredited investors.
The New York-based firm focuses on seed and early-stage companies that "deploy lightweight disruptive business models to become the low-cost player in their respective market." Its biggest hit MOREDan Primack - Oct 11, 2013 7:46 AM ET
Startup "demo days" have been flouting the law for years. Here's how they can keep doing so, even though the laws are changing.
FORTUNE -- Beginning on Monday, private companies will be legally permitted to "generally solicit" investors. And it may forever change startup "demo days," which have become ubiquitous in Silicon Valley and beyond.
For decades, private issuers have been prohibited from publicly passing the hat. That's why you've never seen MOREDan Primack - Sep 20, 2013 12:27 PM ET
Blackstone president plays down new general solicitation rules.
FORTUNE -- The Blackstone Group isn't planning to advertise its new funds anytime soon, according to firm president Tony James.
Speaking during a media call for the firm's second quarter earnings, James responded to a question from Fortune about the SEC's recent decision to end the decades-old ban on "general solicitation" for Rule 506 offerings -- an umbrella that usually covers hedge, private equity MOREDan Primack - Jul 18, 2013 11:31 AM ET
The SEC today voted to let hedge funds and others "generally solicit." What does that mean?
FORTUNE -- The Securities and Exchange Commission today voted 4-1 to end a decades-old ban on "general solicitation" by many private issuers, including hedge funds, private equity funds and start-up companies.
The recommendation to do so first appeared in the JOBS Act, a piece of bi-partisan capital markets legislation that became law in March 2012.
In short, MOREDan Primack - Jul 10, 2013 11:24 AM ET
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