Robert's work efficiency is good, it only took three days to send the development strategy plan of East West Bank to Tang Bao, Tang Bao took a general look, the overall line with his development ideas, and described the various development stages in great detail, and worked out the development strategy and steps. The plan was very delicate, Tang Bao nodded secretly, and let Robert implement it.

Then.

Tang Bao returned to New York, this year's college classes are coming to an end, and he must go back to take the exam, otherwise he will not get credit.

……

in the library.

Many students are quietly looking at the book, no one makes a sound, only a slight sound of turning the book, the atmosphere of learning is very strong, Tang Bao also likes to stay in this environment, no, not long after returning to school, he gradually returned to the usual rhythm of life, soak in the library.

Suddenly.

Tang Bao, who was immersed in the sea of books, felt that his shoulder was tapped twice, his brows were slightly furrowed, and when he saw the person, Tang Bao smiled and said, "Hey, Mrs. Smith, what's the matter?" "Mrs. Smith is one of the librarians at Columbia University, and she is very responsible, often helping students solve difficult problems, such as how to find the right book in the endless sea of books quickly and easily. Many of the books Tang Bao read were recommended and looked for by Mrs. Smith, and over time, the two became very familiar.

"Don, you haven't been here in a while." Mrs. Smith said.

"yes. Some time ago, I took a leave of absence for something and was not in school. No, I have just started ......to read the book of financial engineering you recommended to me," Tang Bao shook the book in his hand, shrugged his shoulders and said softly.

"Alas. Tang, you are really a very strange person, obviously very interested in economics and finance majors, but you chose to major in architectural design. Tang, if you change your major directly, I am very familiar with several economics professors, and I can help introduce them. Mrs. Smith said enthusiastically.

"Thank you."

Tang Bao smiled and shook his head, this is not the first time that Mrs. Smith has proposed this to him, I have to admit that she is a very enthusiastic person.

"Ah......h

Mrs. Smith suddenly exclaimed, quickly realized something, covered her mouth with her hand, and whispered softly, "Don, someone is looking for you outside, I came to inform you, and I almost forgot it." Forehead...... I hope the gentleman outside doesn't wait too much. ”

"Looking for me?"

Tang Bao asked softly, secretly thinking, the gentleman Mrs. Smith said was eighty percent of Horst, the headquarters of Phoenix Investment Group was not far from Columbia University, and Tang Bao did not often go to the company, and when there was something important to wait for him to decide, Horst could only come in person. Horst had been here twice before.

"Thank you for informing me."

Tang Bao thanked softly and got up to leave the library.

At this time, the book on financial engineering was still spread out on the table, and according to the rules of the library, no one was allowed to occupy a seat with objects when leaving the library, but Mrs. Smith was very understanding, and walked away with a smile.

Mrs. Smith knew that, according to her understanding, Tang Bao would soon be back. His earnestness has reached an unimaginable level, as if he treats the library as his home, and soaks in it whenever he has time.

Saying.

Tang Bao arrived at the door of the library, and sure enough, he saw Horst holding a briefcase in his hand, sitting on a bench and waiting.

"What's the other thing you can't wait for me to get back to work?" Tang Bao asked casually.

Hear the words.

Horst couldn't cry or laugh, wait for you to go back to the company, my big boss, you may not be able to go back once in three or five days, can you wait. I have such an idea in my heart, but I can't say it, who makes the family the boss. "Boss, we are almost ready to set up our first private equity fund, during this time, we have been in contact with many investment institutions and individuals, many of which are interested in investing in our private equity funds, and even many fund companies and individuals have taken the initiative to consult about the fund."

"That's good......" Tang Bao said.

Tang Bao sat on the side of the bench and didn't say anything more, he continued to listen, he understood that it was impossible for Horst to come over to report on these inconsequential little things.

"Alas, maybe our performance in this stock market crash is too eye-catching, and the private equity fund we are preparing is surprisingly popular with investors, but this also brings a lot of trouble, or a difficult choice, whether to break through the number of investors in this private equity fund to 100? At present, there are far more than 100 investment intentions. Horst said with a headache.

"A hundred? What's the difference? Tang Bao asked in surprise.

"It's a big difference. Boss! U.S. law stipulates that private equity funds with no more than 100 investors can be established without the approval of the U.S. Securities and Exchange Commission (SEC). Otherwise, it requires approval and is to some extent regulated by the Securities and Exchange Commission (SEC). Even the impact on Phoenix Investment Group's investment activities will also be regulated by the Securities and Exchange Commission (SEC), which is very unfavorable. At present, Phoenix Investment Group has only four investors, which is not subject to supervision, and its investment activities are secrecy and free. I am worried that once the newly established private equity fund exceeds 100 investors, the SEC will require the entire Phoenix Investment Group to be regulated on the grounds that the new fund is an internal operation of the Phoenix Investment Group. Horst carefully analyzed the difference for Tang Bao and expressed his concerns.

Oh?

Tang Bao became more serious.

Regulated? Although the financial and operational aspects are in line with the rules of the game, it is really unacceptable to expose all of your activities.

Suddenly.

Tang Bao had another thought in his heart, so many investors suddenly wanted to invest in the private equity fund of Phoenix Investment Group, was there anyone behind it? The goal, of course, is to look for opportunities to bring Chinese-controlled investment institutions under the supervision of the SEC.

"Horst, you mean that a new private equity fund with less than 100 investors is not subject to regulation. Wouldn't it be possible to circumvent this rule by setting up a few more sub-funds? Tang Bao thought for a moment and came up with a solution. At the same time, he secretly said that he had read a lot of books on economics and finance for most of the year, but he still didn't know the various rules of the United States.

"Theoretically, yes. But the U.S. Investment Advisers Act also stipulates that if a fund manager provides services to more than 15 clients within a 12-month period, it must provide detailed investment information to clients, file regular reports with the SEC, keep records of business transactions, and allow the Securities and Exchange Commission to inspect those transactions at any time. Each 'client' here refers to a fund. In other words, once Phoenix Investment Group has established more than 15 funds, it will still be subject to various regulations from the US Securities and Exchange Commission. What's more, with the current situation, the establishment of multiple funds will not only not have enough fund managers, but will also increase unnecessary expenditures! ”

Grass, there are so many twists and turns.

Tang Bao secretly complained to himself, he understood that with the expansion of the scale of the Phoenix Investment Group, sooner or later he would not be able to escape the supervision of the US Securities and Exchange Commission, and since he planned to put the Phoenix Investment Group in the public eye, he had the intention of attracting firepower, and he did not intend to use this company to do secret illegal activities. But he will definitely not be easily brought under the supervision of the US Securities and Exchange Commission, and he must try his best to delay this point in time.

Call.

Tang Bao exhaled a breath of turbidity and asked calmly: "At present, how many investors are willing to invest?" ”

"Combined, there are probably more than 1,000 institutions and individuals."

"So much?"

Tang Bao was surprised, this is a private placement, there is no advertising.

"Well, in fact, there are many fund managers who invest in companies and also invest in their personal capacity. So the number seems to be a little bit more. ”

Tang Bao nodded in understanding, falling into thought. He felt that it might be a conspiracy against him and the Phoenix Investment Group......

"In fact, the solution is very simple, we only need to raise the threshold of investment amount to a certain amount, and naturally we can screen out those small investment institutions and individuals who do not have the strength. However, considering that the original intention of our newly established fund is to integrate well with our Wall Street peers and form a win-win relationship. If we exclude some institutions and individuals so rudely, we are likely to offend them. Horst said.

"Then what kind of threshold do you estimate need to be raised to limit the number of investors to a reasonable range?" asked Tang Bao again.

This......

Horst mused, "The minimum threshold for institutional investors is eight million dollars, and the minimum threshold for individual investors is three million dollars, which should be considered reasonable." ”

"Okay, let's do it according to this plan." Tang Bao clapped his hands and said, those small institutional investors and individuals who have no strength will be offended if they are offended, and no one can turn into banknotes, so that everyone can like it. Tang Bao just wants to establish a good relationship with his peers and wealthy elites around him, and it is impossible to curry favor with everyone in a low voice, on the contrary, when they see the shocking profits from their investments a few years later, they will turn around to please Tang Bao.

Seeing Tang Bao's decision, Horst can only execute, this is the easiest way to deal with it, like Tang Bao, he does not want to see Phoenix Investment Group being regulated by the US Securities and Exchange Commission, in fact, no investor wants to be regulated, they all enjoy the joy of stealing capital in secret. Horst also enjoyed this process very much, so when he saw that the number of investors in private equity funds exceeded 1,000, he was extremely sensitive to the problems, and couldn't wait to ask Tang Bao, the big boss, for instructions.

……

Watch Horst leave.

Tang Bao slowly returned to the library, and on the way, he secretly thought to himself, should I read more books on American economic law?