See the Division of Corporation Finance’s C&DIs for Exchange Act Form 8-K, Question 129. 01. Pro forma financial information is required if a disposition either by sale, abandonment or distribution to shareholders has occurred or is probable, and is not fully reflected in the historical financial statements. Pro forma data may be necessary, if the disposition is material, even if disposed operations do not satisfy the ASC criteria of a discontinued operation. Videos presented on this website are for educational purposes only and do not constitute investment advice or an offer to buy or sell any security or insurance product. Firms elect to participate but do not pay to be included in the ranking.
Furthermore present the number associated with shares used to calculate per share data in case outstanding shares used in the calculation are affected by the transactions included in the pro forma financial statements. Presentation of forward looking and projected information should be confined to supplemental information separately identified as such and in MD&A. emerging from bankruptcy and registering securities under the 1934 Act coupled with fresh start accounting, reorganization, changes in capital structure, or other events and transactions. Pro forma presentation may be necessary to reflect operations and financial position of the registrant as a stand-alone entity. Pro forma financial information is required if acquisitions which are in the aggregate significant have occurred in the latest fiscal year or subsequent interim period, or are probable. See Section 2320 for guidance related to aggregate significance tests for real estate acquisitions.
The 2018 ranking refers to Edelman Financial Services, LLC, which combined its advisory business in its entirety with Financial Engines Advisors L. L. C. in November 2018. For the same survey, FEA received a precombination ranking of 12th. Owning a residence is one of the biggest financial purchases you’ll make in your life. Get real-world advice about real estate, mortgages and financing, and rental and vacation properties. Whether it’s planning to pay for college, the loss of a loved one, caring for aging parents or something totally unexpected, our experienced financial planners will help make sure you’re prepared. What, then, can raise the stature of funds led by people of color in the competitive asset management industry? Emerging manager programs are made on the premise that providing resources to first-time funds will help them thrive on their own when they have established themselves as successful managers.
In fact, some investors may even view emerging manager programs as introducing less qualified teams of racially diverse backgrounds into the decision pool, leading to stigma against emerging managers who move on to raise subsequent funds. And, even though we saw positive ratings for funds led by people of color of weaker quality, our data show no indication that these funds will actually receive more capital from allocators.
Next, we developed two sets of measures that directed asset allocators to pivot their focus to the team personnel, rather than the fund as a whole. The judgments of competence measure included ratings of how competent, confident, and intelligent the team appeared. The judgments of social fit measure included how trustworthy, likeable, and well connected the team appeared. These items were a proxy for whether a team seemed to belong in the community of investors.
However, our results suggest that these programs might not be sufficient to increase representation of people of color in investing. We find that people of color are likely to encounter more bias as they achieve stronger credentials.
Because Black Americans are often stereotyped as less competent, asset allocators might have a hard time knowing how to judge a strong-performing team led by a particular person of color. Moreover, allocators may feel that Black fund leaders might not be a good cultural fit. The overall performance ratings measure included evaluations of the team’s track record, domain expertise, and ability to execute on strategy.
Audited financial statements of the disposed entity generally are not required in the Form 8-K reporting the disposition, however, Item 9. 01 requires pro forma information to be filed within 4 days after the disposition. The 71-day extension set forth in Item 9. 01 for filing financial statements and pro forma information for acquisitions is not really available for dispositions.