ABOUT SERVICES CORPORATE VALUES CAREERS CONTACT AMPLIFY YOUR ADVANTAGE FULL-SERVICE, INDEPENDENT FUND ADMINISTRATION Learn more UNIQUELY ALIGNED MODEL #1 CLIENT SATISFACTION Legacy administration models can no longer keep pace in today’s increasingly complex environment. Fund managers of all strategies are partnering with HedgeServ to achieve institutional infrastructure, enterprise reporting solutions, and operational best practice at a lower total cost than traditional administration. HedgeServ is proud to be growing our business organically, primarily through referrals from satisfied fund manager clients, their investors, and their service providers. The most satisfying compliment we receive from fund managers is that the HedgeServ model is best-aligned with the direction the alternatives industry is headed. Founded in 2008, HedgeServ is led by the most experienced management team in fund administration. In 1995, this same team introduced what is now the definitive industry model of daily accounting, daily or weekly estimated NAVs, outsourced middle office services, and integrated risk analytics. 100% REPORTING ACCURACY The recognized industry leader in fund accounting expertise, HedgeServ has never restated a NAV due to error since the inception of the firm. HedgeServ owns a similar 100% accuracy rate in terms of distributing statements to investors. HedgeServ pairs systematic controls (SOC 1 Type II certified) and checklist-driven processes with experienced professionals who understand the underlying principles of the work they produce. REAL-TIME OVERSIGHT The HedgeServ platform is co-sourced, meaning clients have 24/7 access to the same data sets and applications as their HedgeServ service team. By utilizing shared technology, we’ve embedded transparency into our operating model, enabling us to work with our clients together in real-time, identifying and resolving issues faster. HedgeServ benefits from a unique, constant feedback loop with our clients, whose ideas drive our constant efforts to evolve and enhance our capabilities and tools. ACCELERATED CYCLES HedgeServ’s clean-sheet design and proprietary, real-time platform eliminates batch dependencies. HedgeServ provides clients a complete “fully loaded” P&L on T+0. For our transition clients, on average, HedgeServ has compressed NAV delivery times by between 20-30% versus those clients’ prior administrators. These benefits extend downstream, resulting in accurate, timely financial, tax, and regulatory reporting – all sourced from a single database and tied to the fund’s official books & records. THE HEDGESERV DIFFERENCE MORE VALUE, LESS RISK, FUTURE SCALE CUSTOMIZED SOLUTIONS By challenging the status quo with a new approach, we solved for how to treat each client uniquely, without sacrificing controls, and how to keep our solutions relevant in the face of constant change. A segregated technology environment is configured for each client, enforcing confidentiality and enabling flexibility of both reporting and operational workflows to meet each client’s unique business needs. This environment includes primary/backup servers, general ledger, security master, and instances of the integrated reporting and operational apps. FUND-CALIBER PEOPLE Led by the industry’s most experienced management team, HedgeServ attracts, retains, and develops hedge fund-caliber professionals through a cohesive culture underpinned by meaningful, broad-based employee ownership. HedgeServ provides world-class training programs, challenging roles, and motivating career paths, resulting in industry-low turnover rates. HedgeServ service teams are client-aligned, with clear senior points of contact and end-to-end accountability for their relevant processes and reporting deliverables. ONE GOLDEN COPY OF DATA The HedgeServ platform operates on a proprietary single database design, featuring a general ledger embedded into a powerful portfolio management system with front office-quality security master. All asset classes (90+ instrument types) are accurately captured, modeled, valued, and processed in an automated fashion. Clients are able to meet their risk, P&L, NAV, investor, tax, regulatory, and compliance reporting requirements all from a consistent, independent, reconciled source tied to their fund’s official books & records. HEDGESERV OVERVIEW HEDGESERV’s vision is to continue to be the industry's innovative fund administrator providing expert client service teams, advanced technology and market leading solutions for our clients while continuously developing our dynamic and diverse global workforce and service offering. HEDGESERV’s mission is to define the benchmark and disrupt the global standards for fund administration by continuously advancing and expanding our service offering. We partner with our clients to create solutions that add value so they can concentrate on investment strategies and growth. Our entrepreneurial culture powered by our global team of experts and proprietary technology are our differentiators. $450+ BILLION IN AUA 230+ CLIENT RELATIONSHIPS All investment strategies and manager types supported, including hedge funds, funds of hedge funds, private equity funds, hybrid credit managers, UCITS funds, managed account platforms, and other institutional investment managers. 100% client retention rate, having never lost a client due to dissatisfaction over service quality. 75% of clients represent transitions of established managers from a previous administrator. HedgeServ supports all strategies from a single platform, including long-only, long/short equity, activist, credit, fixed income, distressed, high frequency, multi-strategy, CTAs, event driven, and emerging markets. 1500+ PROFESSIONALS 10 OFFICES WORLDWIDE Headquartered in New York City, with key operating hubs in Dublin, Grand Cayman, and Sydney. Additional client-facing offices in Dallas, Raleigh, Cork, Luxembourg and Karakow. IT development offices in Sofia, New York and Dallas. World-class employee training programs, platinum certified by ACCA and premier partnership accreditation with CIMA. Culture of excellence, underpinned by broad-based employee ownership and a commitment to remaining an independent fund administrator, focused on our clients. Zero turnover within the management team since inception, and near-zero turnover across senior client-facing professionals (managing director, director, manager levels). Client-aligned service teams, complemented by risk, tax, regulatory, compliance, and technology expertise. SOC 1 TYPE II CERTIFIED SYSTEMATIC CONTROLS SOC 1 Type II annual re-certification (E&Y). 100% NAV accuracy since inception, with zero NAV restatements due to a HedgeServ accounting error. 100% accuracy for reporting of investor statements, since inception. Real-time platform with no batch processing dependencies. Single database design reduces operational risk and embeds both consistency and accuracy of data. Automated P&L allocations and fee calculations, performed by the same system which creates and distributes investor statements. Co-sourced technology provides clients with T+0 oversight into all processes, calculations, and supporting documents. Rich security master modeling of portfolio instruments and fund/investor setup enable automated workflows and systematic controls. HedgeServ New York City HedgeServ Dublin T+0 PORTFOLIO REPORTING CRITICAL INFORMATION, FASTER SLICE & DICE WITHOUT LIMITATION Legacy fund administration forces managers to make decisions based upon unreliable and incomplete information. Because data can only help you if you can see it how and when you need it, HedgeServ has put positions, pricing, cash, accruals, corporate actions, dividends, tax lots, exposure measures, and security master details into one multi-dimensional database that our clients have full access to on either a real-time, near-time, or end-of-day basis. HedgeServ connects managers with their data in ways they would normally view, analyze, and share information internally and with their investors and counterparties. Clients have full access to reporting tools with a simple-to-use interface and an emphasis on making data easy to access and visualize. Client users can filter, group, sort, drag, and drop data to build custom views, reports, and extracts, always able to drill down from the big picture to the most granular levels of detail. Because the general ledger is embedded into the portfolio management system, clients have the advantage of making decisions and meeting reporting requirements from one golden copy of data, tied to their fund’s NAV. HedgeServ’s portfolio reporting tools are also complementary to, and easily integrated with, a wide range of OMS, PMS, and risk systems. T+0 PORTFOLIO REPORTING INCLUDES: Real-time, near-time, or end-of-day P&L Rich security master and custom tagging Dashboard views P&L and NAV attribution Performance Exposures Time series analysis Compliance limit monitoring Investor transparency reports 1-click custom formatted reports Ability to backload historical portfolio data (transitions) CUSTOMIZED RISK ANALYTICS A COMPLETE VIEW OF RISK NOT A BLACK BOX HedgeServ helps managers to understand the drivers of their performance and portfolio risk through a customizable suite of trader and factor-based risk analytics. HedgeServ configures and integrates a risk management solution to meet each client’s unique reporting needs and frequencies, supported by a front office team of risk and valuation professionals. HedgeServ risk analytics are powered by the same independently reconciled and valued data which comprises clients’ official books & records. HedgeServ flexibly combines a range of market data from leading 3rd party providers with our own capabilities to aggregate, normalize, and enrich clients’ portfolio data and to generate theoretical values for OTC instruments. HedgeServ delivers comprehensive asset class coverage, including equities, commodities, credit, FX, rates, and volatility products. CUSTOMIZED RISK ANALYTICS INCLUDES: Market data maintenance Full suite of Greeks Exposures Scenario analysis Stress testing P&L attribution by risk factors VaR (Monte Carlo) Beta & correlation analysis Contribution to risk (volatility) by strategy/sub-strategy Support for regulatory/compliance-related risk requirements MIDDLE OFFICE SERVICES SIMPLIFY OPERATIONAL COMPLEXITY COMPLEMENTARY EXTENSION OF THE CLIENT Fund managers retain real-time confidence when outsourcing their middle office functions to HedgeServ, plugging into an integrated front-to-back platform with a suite of best-in-class tools and a single golden copy of trade data. HedgeServ professionals understand the complete post-trade lifecycle for all instrument types and serve as responsive liaisons between both the front and back office worlds. Clients cite our middle office teams as talented problem solvers and operational heavy lifters. HedgeServ reduces the operational costs, risks, and inefficiencies inherent in traditional middle office outsourcing, such as spreadsheet dependencies, disparate data sources, timezone mismatches, and duplication of efforts. For each client, HedgeServ constructs a responsive, client-aligned middle office service team (without silos) as well as client-defined post-trade workflows and reporting customized to their unique portfolio and business requirements. The co-sourced, shared HedgeServ platform helps clients realize the benefits of outsourcing middle office functions (including flexibility and scale to trade new markets, products, volumes) without sacrificing oversight, controls, or quality. CORE MIDDLE OFFICE SERVICES: Daily portfolio pricing Daily T+0 P&L Trade lifecycle management (capture, exports, etc.) Corporate action processing Market data management Bank loan support ENHANCED MIDDLE OFFICE SERVICES: Collateral management Treasury services Trade break resolutions OTC trade affirmations / confirmations Theoretical OTC valuations Data aggregation FUND ACCOUNTING YOU CAN'T AUTOMATE EXPERTISE TRACK RECORD OF ACCURATE, TIMELY NAVS HedgeServ is proud of our track record of delivering precise, consistent NAVs to managers – regardless of complexity or dealing frequency. 100% NAV accuracy does not just happen, it’s been honed over the past twenty years. HedgeServ continues to drive industry best practice for both fund accounting and valuations, setting the standard for capability and controls. HedgeServ clients have dynamic read-only views into their general ledger, full views down to the most granular entries and calculations, and the ability to generate a full suite of customized accounting reports at any time. HedgeServ fund accounting teams are client-aligned, meaning each client’s team is accountable for their end-to-end processes (daily reconciliation and pricing, NAV calculations, financial statements, audit support). HedgeServ clients never hear “not my department” or “company policy” as a response to their accounting queries. HedgeServ independently implements each client’s pricing policy and embeds its unique framework into our valuations system, which features systematically-enforced controls, automated tolerance testing, double sourcing for all prices, rules-based methodologies, and the ability to theoretically price OTC instruments. Clients have full access to all historical valuations data, tolerance/breach reporting, and supporting documentation through our centralized pricing warehouse. FUND ACCOUNTING SERVICES INCLUDE: Daily reconciliation of positions & cash Daily independent portfolio pricing Systematic support of the manager’s pricing policy Dividends, corporate actions, accruals Independent fee calculations Estimated and final dealing NAVs (all frequencies supported) Customized NAV package / reporting Transparency reporting Financial statements (GAAP & IFRS), including footnotes Audit support Support for UCITS, QIFs, SIFs reporting requirements Historical backload of books & records (transitions). HedgeServ also supports investments in hedge funds as a distinct asset class, delivering higher levels of accounting accuracy, processing automation, and reporting integrity for fund of hedge funds managers versus many administrators. HedgeServ supports side letters, side pockets, fund liquidations, suspended NAVs, transfers, exchanges, maximum redemptions, rolling lock-ups, price variance reporting, and liquidity management without spreadsheets or manual workarounds. INVESTOR SERVICES TRANSPARENCY IS THE BEST CONTROL TREAT EACH INVESTOR UNIQUELY HedgeServ helps managers keep pace with evolving investor requirements for ever-greater and more frequent data and transparency. The HedgeServ platform enables clients to provide their investors with custom reporting, on the fly, without sacrificing controls, oversight, or scale. HedgeServ’s investor services teams are based in recognized centers of financial excellence and comprised of experienced professionals with strong compliance backgrounds. HedgeServ’s proprietary investor services system models each fund’s and investor’s unique attributes, terms, and conditions in security master-like detail. This authenticity enables automated support of complex processes and calculations (including side letters), systematically enforced controls, and embedded T+0 oversight for our clients. Onshore and offshore funds are natively supported in a single application, providing managers with direct access to a centralized, complete source of investor history, investor details, and supporting documentation across their investor base. INVESTOR SERVICES INCLUDE: Investor communications, statements Investor queries, due diligence support Transaction processing Compliance (AML, KYC, FATCA, ERISA) Maintenance of fund bank accounts Share registry Automated investor allocations Automated fee calculations Liquidity management Performance reporting Dynamic data extracts, exports to CRM systems Investor portal Historical backload of investor information (transitions) REGULATORY & TAX ENTERPRISE PEACE OF MIND STORE DATA ONCE, USE MANY HedgeServ partners with our clients to help them interpret and keep pace with global regulations, plan for cross-border complexities, and implement an integrated, institutional-quality regulatory reporting framework. HedgeServ regulatory solutions focus on achieving long-term sustainability and the robustness required to withstand ever-increasing regulator scrutiny. HedgeServ provides full-service support of clients’ global regulatory reporting requirements by pairing knowledgeable professionals with flexible technology, rich tagging, and a unique single database model. PROVEN TAX CAPABILITIES HedgeServ Tax is a New York City-based team of professionals with Big Four and hedge fund pedigrees. HedgeServ has a close working relationship with a wide range of audit firms, and our tax teams interacts on a daily basis across all internal HedgeServ service areas. Operating on a unique single database model, and using dynamic reporting tools, HedgeServ Tax has a proven ability to handle complex client requirements. REGULATORY SERVICES INCLUDE: SEC Form PF CFTC CPO-PQR and de minimus monitoring Albourne OPERA reporting Filing support (13-D, 13-F, 13-G, etc.) US FATCA; UK FATCA for British Overseas Territories AIFMD Annex IV transparency reporting EMIR trade repository reporting TAX SERVICES INCLUDE: Tax-compliant trial balances Partner tax allocations Tax estimates K-1 support PFIC support Suite of planning reports (constructive sales, wash sales, straddles) Customized daily, weekly, monthly, year-end reporting available PRIVATE EQUITY SERVICES OUTSOURCE WITH CONFIDENCE STAY FOCUSED ON DEAL MAKING HedgeServ’s Private Equity service offering delivers fund administration solutions to managers of private equity, real estate, and venture capital funds, as well as to hybrid funds and to multi-asset class institutional investment programs such as endowments and pension funds. HedgeServ provides fully hosted and seamlessly integrated front, middle, and back office services and global support to both newly launching and seasoned private equity managers, regardless of capital structure or investor allocation complexity. Managers can view their holdings and exposures on a consolidated basis in a multiple asset class environment. In addition, HedgeServ’s automated and dynamic platform tracks investor commitments, allocations, performance ratios, fees and expenses allowing clients the ability to view industry-specific reporting such as investor balances, waterfall calculations, and IRR’s. A single platform services both direct investments and investments in funds – with the wider capability to provide complete support of all alternative asset classes. Managers have full operational transparency into all workflows and 24/7 access to all their accounting, portfolio, and investor data. HedgeServ’s technology features automated private equity processes and includes powerful portfolio management tools and a transactions-based, multi-currency general ledger which natively support investment and partnership accounting (both GAAP and IFRS compliant). With an extensive in-house technology team, HedgeServ is able to respond quickly to our clients’ evolving business requirements. PRIVATE EQUITY SERVICES INCLUDE: Independent NAV calculations Fees and accruals Daily reconciliations Automated waterfall calculations Capital roll forwards Financial statements (GAAP & IFRS), including footnotes Transaction processing System-generated capital calls & distribution notices Investor servicing & reporting Custom portfolio reporting, including: – IRRs – Performance attribution – Position reports – Exposures – Cash flows – Look-through reporting CONTACT HEDGESERV OUR OFFICES New York City 4 Times Square 8th Floor New York, NY 10036 +1 212 920 3520 / info@hedgeserv.com Dublin 75 St Stephens Green 2nd Floor Dublin 2, Ireland +353 1 234 1000 / info@hedgeserv.com Luxembourg 1st Floor, Infinity Building, 5 Avenue JF Kennedy, L-1855 Luxembourg Raleigh 8081 Arco Corporate Drive Suite 100 Raleigh, NC 27617 Cork Unit 2301 Block 2000 City Gate, Mahon Cork, Ireland Kraków 11th Floor, O3 Business Campus ul. Opolska 112, Budynek B 31-323 Kraków Dallas 2300 North Field Street 21st Floor Dallas, TX 75201 Grand Cayman 6th Floor SIX, Cricket Square, Grand Cayman, Cayman Islands Sofia 1000 Sofia, 1 Alabin Str., Fl. 12 Bulgaria HR General Queries HR@hedgeserv.com Sydney 20 Bridge Street Suite 9.01 Sydney, NSW 2000 AUS BUSINESS DEVELOPMENT UNITED STATES Michael Mannella +1 646 829 0373 mmannella@hedgeserv.com EUROPE Susan Byrne +353 1234 1030 sbyrne@hedgeserv.com DUE DILIGENCE UNITED STATES Michael Mannella +1 646 829 0373 mmannella@hedgeserv.com EUROPE Susan Byrne +353 1234 1030 sbyrne@hedgeserv.com © 2016 HedgeServ | Terms of Use | Privacy Policy | Corporate Governance Update | Developed by Hb-Studio