Following the Great Depression, the U.S. financial markets were at a turning point. Lawmakers faced a critical challenge: restoring investor confidence. The result was the Investment Advisers Act of 1940 - and with it, the introduction of Form ADV. What began as a basic registration form has since grown into a foundational compliance document, offering detailed insight into the operations of investment advisers.
Initially, Form ADV was a simple registration tool, barely scratching the surface of the investment advisory world. But as markets grew more complex and crises more frequent - from the dot-com bubble to the devastating financial crash of 2008 - the form evolved dramatically. It became comprehensive, demanding deep insights into advisory practices, potential conflicts, ownership structures, and detailed fund-level operations.
Today, Form ADV is much more than regulatory paperwork. It’s an essential resource for non-U.S. allocators navigating the lucrative yet intricate landscape of American asset management. Prominent global asset managers, including giants like BlackRock, Blackstone, Apollo, and niche hedge funds, must adhere strictly to ADV compliance if they wish to manage or raise assets within the United States.