With respect to fund managers that do not view the benefits noted above as being sufficiently worth the expense and exposure created by registering as investment advisers with the SEC, there is an exemption for any investment adviser that during the course of the preceding 12 months has had fewer than 15 clients and that neither holds itself out generally to the public as an investment adviser nor acts as an investment adviser to any investment company registered under the Advisers Act. For purposes of this exemption, each fund managed by a fund manager is a client, not each investor in each fund. Note that there is.
