Before the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC said regulators were only seeing a small slice of the pie when it came to fund adviser registration.

Now, 1,504 advisers to hedge funds and private funds have registered with the SEC since Dodd-Frank mandated such registration.

While some private fund advisers previously registered with the SEC voluntarily, mandatory registration has given the agency its first comprehensive look at advisers to these types of funds, the SEC said.

Including the 2,557 private fund advisers who had registered previously, a total of 4,061 advisers to one or more private funds are now registered with the SEC, according to the agency.

A total of 11,002 investment advisers now are SEC-registered, with 37% advising hedge funds and other private funds, the SEC said.

The agency said assets under management at SEC-registered advisers has risen about $5.7 trillion, or 13%, even though the number of advisers fell about 15% as the Dodd-Frank Act required mid-sized advisers to move from federal to state oversight.

“Prior to the Dodd-Frank Act, regulators only saw a slice of the pie but didn't know how big the pie even was,” said SEC Chairman Mary Schapiro. “The law enables regulators to better protect investors by providing a more comprehensive view of who's out there and what they're doing.”

In addition, the Dodd-Frank Act required mid-sized advisers to move from federal to state registration by June 28. The SEC said to date, more than 2,300 mid-sized advisers – those managing less than $100 million of assets – have made the transition to state regulation.

In an effort to finalize the transition, the commission has issued a notice identifying 293 advisers who may no longer be eligible for registration with the SEC because they manage less than $100 million or have failed to comply with other SEC requirements. The agency said it undertook this effort with extensive coordination and consultation with the state securities authorities.

Advisers identified in the notice have until Dec. 17 to withdraw their SEC registration, or inform the commission staff that they should remain eligible for registration with the SEC. After that date, the SEC said it may issue an order cancelling the registration of advisers who have not filed an amendment, withdrawn from registration, or requested a hearing.

Information about registered advisers is available on the Investment Adviser Public Disclosure website at http://www.adviserinfo.sec.gov,