fund administration services - horseshoe · 2019-09-10 · partners re ltd., kpmg bermuda brenton...

FUND ADMINISTRATION SERVICESFEBRUARY 2017CONFIDENTIAL

HORSESHOE FUND SERVICES | Confidential 2

OVERVIEW

TABLE OF CONTENTS

03OVERVIEW• Horseshoe at a Glance• Our Differentiators• Our Team

20TECHNOLOGY & REPORTING• Technology Platform• Integrated Web Reporting Platform• Daily Portfolio Analytics• Business Continuity and Disaster

Recovery

09CLIENT PROFILES• Fund Structures• Fund Strategies• Security Types Supported

14CORE SERVICE OFFERING• Our Services at a Glance• Pre-Launch Advisory and Investor

Services / AML• Middle Office and Fund Accounting

Services• Cash Administration and Corporate

Services• Regulatory Reporting25

CONTACT INFORMATION• Contact Us

OVERVIEW


OVERVIEW

HORSESHOE AT A GLANCE

• The Horseshoe Group was founded in 2005 and is the largest independent insurance management and advisory firm dedicated to reinsurance / insurance linked securities market

• Horseshoe Fund Services (formerly IKONIC Fund Services) was founded in 2007 and was acquired by the Horseshoe Group in June 2016

• The Horseshoe Group has 110 clients across its insurance and fund administration divisions with total assets under administration exceeding $22 billion

• The Horseshoe Group is owned by the executive management team with, on average, 20 years direct experience in the administration of hedge, private equity and ILS focused structures

• The Horseshoe Group has a global presence with 70 employees located between our Bermuda, United States, Cayman Islands, Gibraltar and Sri Lanka offices

• Horseshoe Fund Services uses best of breed technology and has a SOC1 Type II controls environment

$22B 70+ 2005145+GROUP ASSETS UNDER ADMINISTRATION

MEMBERS ON THE HORSESHOE TEAM

FUNDS RECEIVING FULL FUND ADMINISTRATION SERVICES

FOUNDED OVER 10 YEARS AGO

HORSESHOE FUND SERVICES IS A LEADING AWARD-WINNING FUND ADMINISTRATOR PROVIDING SERVICES TO HEDGE, PRIVATE EQUITY AND INSURANCE LINKED SECURITIES ASSET MANAGERS


OVERVIEW

IKONIC FUND SERVICES ACQUISITION

WITH A SIGNIFICANT INCREASE IN BOTH ASSETS UNDER ADMINISTRATION AND STAFF, WE ARE A LARGER GLOBAL GROUP WITH A COMPREHENSIVE OFFERING FOR HEDGE FUND, PRIVATE EQUITY AND ILS-FOCUSED CLIENTS

We have partnered successfully with IKONIC since 2011 through our joint venture fund administrator, ILS Fund Services, providing fund administration and actuarial valuation services to ILS funds; therefore joining our respective teams is a natural progression. From the perspective of Horseshoe's existing clients, we are very excited to be able to offer a one stop shop for our clients that require both insurance and fund related services. In respect to IKONIC's clients, the combined companies will enable us to provide a larger global reach, a broader service offering and a stronger senior management team focused on delivering top notch service. Over the years Horseshoe has built relationships with a large number of institutional asset managers and investors which we expect will bring value to our newly acquired fund administration business and its future growth.”

ANDRE PEREZ, CEO

“


OVERVIEW

OUR DIFFERENTIATORS

EXPERIENCED TEAM

TECHNOLOGY & REPORTING

CUSTOMIZATION & FLEXIBILITY

QUALITY AND CONTROLS

PLATFORM SCALABILITY

Our clients are assisted first by our senior executives, who average 20+ years of experience and are supported by the Horseshoe team of highly qualified industry professionals. Our hiring standards are some of the highest in the industry, resulting in a client-first culture with low turnover

We have integrated proprietary straight through processing technology with leading fund administration software to provide our clients and their investors with efficient, smart and customized reporting

We pride ourselves on customizing solutions for our clients. A key component of implementing the right platform is reflected in our ability to remain flexible and provide our clients the answers that solve their needs in a customized fashion

Leveraging our team’s institutional financial services experience, we have built a firm with institutional quality controls while maintaining a culture of providing clients with a responsive and solutions focused service

Our platform is highly scalable and will expand and adapt as your service and investor needs change. We cater to all types of investors and their requirements –from high net worth and family offices to large institutional investors. We also scale our services as your fund assets under management grow.

OUR APPROACH HAS BEEN DESIGNED FOR YOUR MOST IMPORTANT ASSET: YOUR INVESTORS


OVERVIEW

OUR PHILOSOPHY IS SIMPLE

We focus on being responsive to your needs and innovative in our approach. We provide value and professional expertise at the highest level. Without exception, we strive to exceed your expectations.


OVERVIEW

WE SEEK SOLUTIONS AS YOUR BUSINESS PARTNER

OUR EXPERIENCED MANAGEMENT TEAM IS COMMITTED TO PROVIDING A CLIENT-FIRST SERVICE

ANDRE PEREZChief Executive Officer25+ years experienceAlea Bermuda, Overseas Partners Re Ltd., KPMG Bermuda

BRENTON SLADEChief Operating Officer20+ years experienceFlagstone Reinsurance, West End Capital Management

NIGEL GODFREYChief Financial Officer30+ years experienceScandinavian Re, Sedgwick

EDITH CONYERSChief Administrative Officer30+ years experienceCitigroup Fund Services Bermuda

BRIAN DESMONDEVP, Head of Fund Services20+ years experienceCitigroup Fund Services Bermuda

JANE LEWISHead of Compliance20+ years experienceCitigroup Fund Services Bermuda

RODNEY DAVIESChief Technology Officer12+ years experienceCitigroup Fund Services Bermuda

SCOTT BURNSSenior Vice President25+ years experienceJP Morgan and Schroders

Bermuda Ltd.

MIKE GENTILESenior Vice President15+ years experienceCiti Hedge Fund Services

NEIL MACGUINESSSenior Vice President15+ years experienceCiti Hedge Fund Services

ASHA FURBERTSenior Vice President20+ years experienceCitigroup Fund Services Bermuda

LYNNIECE ROBINSONHead of Corporate Services25+ years experienceHSBC Securities Services

CLIENT PROFILES


PRIVATE EQUITY / HYBRID

STRUCTURES

LIMITED PARTNERSHIPS

MASTER / FEEDER

MINI MASTER / FEEDER

SEGREGATED ACCOUNT COMPANY

UNIT TRUST / SPECIAL

PURPOSE TRUST

CLIENT PROFILES

FUND STRUCTURES

CLIENT PROFILES

• Our clients range from $5 million emerging managers to institutional managers with over $1 billion in assets under management

• Our clients investor profiles include high net worth, family office and institutional investors

• Our clients invest in plain vanilla and esoteric strategies and the trade volumes can be minimal to thousands of trades daily

WE SUPPORT A VARIETY OF FUND STRUCTURES

OUR SOPHISTICATED PLATFORM SUPPORTS A WIDE SPECTRUM OF CLIENT PROFILES AND FUND STRUCTURES

SUPPORTED STRUCTURES


FUND OF HEDGE FUNDS

GLOBAL MACRO

CTA MANAGED FUTURES

MULTI-STRATEGY

PRIVATE EQUITY / PRIVATE

EQUITY FUND OF FUNDS

MARKET NEUTRAL

CLIENT PROFILES

FUND STRATEGIES

CONVERT ARBITRAGE

INSURANCE LINKED

SECURITIES

LONG / SHORT EQUITY

FIXED INCOME

STRATEGIES SUPPORTED

OUR ADVANCED TECHNOLOGY PLATFORM ALLOWS US TO SUPPORT A MULTITUDE OF FUND STRATEGIES


CLIENT PROFILES

SECURITY TYPES SUPPORTED

OUR PLATFORM OFFERS SUPPORT FOR A WIDE VARIETY OF TRADING REQUIREMENTS

EXCHANGE TRADED SECURITIES

OTC SECURITIESINSURANCE LINKED

SECURITIESPRIVATE SECURITIES

VANILLA EXOTIC

• Equities

• Fixed Income

• Equity Derivatives

• Futures

• FX (Spots, Forwards, Options)

• Fixed Income

• Repos

• Swaps

• Collateralized Reinsurance

• Industry Loss Warranties

• Sidecars

• Quota Shares

• Fund of Funds

• Buyout and Venture

• Real Estate

• Peer-to-Peer Lending

SIMPLE

COMPLEX


CLIENT PROFILES

EXTRAORDINARY CLIENT FEEDBACK

“Simply put, we could not have launched our fund without Horseshoe. Their knowledge of all the administration areas along with their flexible, problem-solving approach made our jobs so much easier. From top-to-bottom they are highly competent - and fun people to work with. True partners.”

CORE SERVICE OFFERING



OUR SERVICES AT A GLANCE

INVESTOR SERVICES / AML

MIDDLE OFFICEPRE-LAUNCH ADVISORY SERVICES

FUND ACCOUNTING

CASH ADMINISTRATION

CORPORATE SERVICES

A COMPREHENSIVE SERVICE OFFERING THAT ADDRESSES EACH OPERATIONAL TOUCHPOINT IS ESSENTIAL IN TODAY’S INCREASINGLY COMPLEX AND REGULATED ENVIRONMENT

REGULATORY REPORTING



PRE-LAUNCH ADVISORY AND INVESTOR SERVICES/AML

INVESTOR SERVICES / AMLPRE-LAUNCH ADVISORY SERVICES

• Consult on fund structures and accounting best practices from an operational perspective

• Review offering memorandum and fund documents and liaise with counsel to incorporate suggested changes

• Provide one point of contact that facilitates the onboarding process to finalize fund documents, open bank accounts and collect KYC documentation

• Make thoughtful introductions to service providers including prime brokers, custodians, lawyers, audit firms and independent directors

• Advise on Valuation and Side Pocketing Policies

• Review investor subscription agreements and supporting documents from an AML / ATF and CRS, US and UK FATCA compliance perspective

• Process subscriptions / contributions and redemptions / withdrawals in accordance with the fund offering documents

• Facilitate the transfer of subscription / contribution monies to the fund’s prime broker account and also arrange payment for authorized redemptions / withdrawals in compliance with AML / ATF policies

• Report to investors on a periodic basis regarding trade confirmations and statements

WE TAKE A COMPLIANCE FIRST APPROACH TO ONBOARDING NEW CLIENTS AND REVIEWING INVESTOR TRADE REQUESTS



MIDDLE OFFICE AND FUND ACCOUNTING SERVICES

FUND ACCOUNTINGMIDDLE OFFICE

• Calculate net asset values for onshore and offshore funds

• Reconcile portfolio positions, activity and cash with clients, brokers and custodians and independently value securities utilizing third party pricing sources

• Resolve all trade breaks with prime brokers and make adjustments for corporate actions

• Prepare period and year end fund financial statements

• Coordinate and support the annual audit process

• Reconcile portfolio positions, activity and cash with prime brokers and custodians on a daily basis

• Automate the import of daily portfolio pricing from third party data vendors

• Process corporate actions and trade breaks on a daily basis

• Ability to report P&L to clients on a T+1 basis

WHETHER YOUR FUND IS A LONG-STANDING CLIENT OR NEW TO OUR PLATFORM, OUR TEAM DILIGENTLY PROVIDES A CUSTOMER-FIRST EXPERIENCE



CASH ADMINISTRATION AND CORPORATE SERVICES

CORPORATE SERVICESCASH ADMINISTRATION

• Liaise with legal counsel on creation / amendment of constitutional and offering documents

• Comply with all legislative and regulatory requirements including the requirements of any stock exchange

• Organize and attend meetings with the Board of Directors by preparing meeting notice and agenda, distribute meeting materials, record decisions, prepare and finalize the meeting minutes

• Assist with annual reporting process including filing resolutions with the Registrar of Companies and other regulatory bodies

• Establish and maintain bank accounts through relationships with our banking partners

• Disburse payment of approved third party fees and expenses incurred by the fund

• Facilitate the payment of duly authorized redemptions

• Facilitate the transfer of subscription monies to the fund’s prime broker or custodian account(s)

A STRONG, CONTROLS-CENTERED OPERATIONAL ENVIRONMENT GIVES YOU PEACE OF MIND





• Through a partnership with IHS Markit CTI, our clients are provided with a solution to comply with FATCA and CRS reporting requirements in any jurisdiction

• Report composition tools in the core accounting and portfolio platform allows for the completion of Form PF Level 1

• Professional Corporate Services team well versed in the reporting requirements of various offshore jurisdictions including Bermuda, the British Virgin Islands and the Cayman Islands that can assist with preparing and filing annual returns and maintaining the statutory registers, among other services

WE MEET THE NEEDS OF OUR CLIENTS’ REGULATORY REPORTING OBLIGATIONS THROUGH PARTNERSHIPS AND BESPOKE SOLUTIONS

GLOBAL REGULATORY

REQUIREMENTS

Provision of Registered Office for

Bermuda and Cayman entities

Coordination of filing annual returns and

payment of annual fees for offshore fund

structures

Completion of Form PFLevel 1 information

U.K. and U.S. FATCAreporting for Model 1 and

Model 2

CRS reporting to exchanges identified for specific

jurisdictions

Facilitate Bermuda Stock Exchange listings as an approved listing sponsor

TECHNOLOGY AND REPORTING



TECHNOLOGY PLATFORM

WE HAVE INTEGRATED PROPRIETARY TECHNOLOGY WITH LEADING FUND ADMINISTRATION SOFTWARE TO PROVIDE A TRUE STRAIGHT THROUGH PROCESSING SOLUTION

STRAIGHT THROUGH PROCESSING• Feed Monitoring• File transformation• Trade Capture• Position Capture• Reconciliation

REPORTING

• IKONNECT Web Portal

• Portfolio Analytics Portal

• NAV Reporting• Regulatory

Reporting• Investor Reporting

DATA CAPTURE• Pricing Feeds• Broker Feeds• Counterparty Feeds• Static Data Feeds

PFS-PAXUS• Fund Accounting• Portfolio Accounting• Investor Services• CRS and FATCA

Compliance

FULLY

INTEG

RA

TED

FULL

Y IN

TEG

RA

TED

TECHNOLOGY PLATFORM CLOUD BASED



INTEGRATED WEB REPORTING PLATFORM

24/7 ACCESS• Investors have the ability to view a full history of their holdings, transactions

and contract notes

• Asset managers can view and run a wide range of reports on a real-time or delayed basis such as portfolio, valuation, investor reports and financial statements

• Full document library where a history of reports and documents are housed from when the fund became a Horseshoe client or from an investor’s initial investment in the fund

TRANSPARENCY REPORTING• IKONNECT’s flexible functionality provides investors with the proper

authorization, access to view the fund’s overall fund portfolio positions and balance sheet on a time lag basis

ADAPTABLE• All data and reports are easily exportable to Excel, Word or PDF

YOUR INFORMATION AT YOUR FINGERTIPS THROUGH OUR WEB REPORTING TOOL: “IKONNECT”

WEB PORTAL DASHBOARD

TRIAL BALANCE REPORT



DAILY PORTFOLIO ANALYTICS

HIGHLY CUSTOMIZABLEAsset managers can, in a few clicks, create and modify data and report views. The flexibility of the reporting tool enables a user to link views to formula libraries, tag positions and other data with custom attributes, setup filtering rules, drill down to underlying trade and lot information and aggregate positions by numerous specifications

EFFICIENCIES CREATEDAll reports can be created on a real time basis by the user which eliminates the time wasted waiting for the report vendor to create a specific report

OUR WEB BASED INDUSTRY LEADING PORTFOLIO ANALYTICS REPORTING TOOL IS ACCESSIBLE ANYWHERE, ANY TIME OF DAY

DAILY PORTFOLIO ANALYTICS PLATFORM POWERED BY PORTFOLIO AMALFI™

INCREASED TRANSPARENCY

The nimbleness of the Portfolio Amalfi™reporting tool provides crucial on-demand portfolio information for users, regardless of their location, as Portfolio Amalfi™ can be accessed on a computer, iPad and other devices

COMPETITIVE DIFFERENTIATOR

The dynamic portfolio reporting tool is a powerful competitive differentiator that can effectively be utilized in investor meetings to showcase a fund’s historical performance against a benchmark, sector weightings and portfolio composition, among other important portfolio attributes



BUSINESS CONTINUITY & DISASTER RECOVERY

INFRASTRUCTUREIT infrastructure is fully cloud based and is managed by a

hosting provider. The servers are replicated on a daily basis from the primary datacenter in Montreal, Canada to the

disaster recovery datacenter in London, United Kingdom

FACILITIESGiven our global footprint and cloud based IT environment, client work can be performed in alternate office locations

providing little, if no, disruption to the servicing

timeline

OPERATIONS / STAFF

A call tree has been established for employees and clients to ensure full

communication

IN THE EVENT OF A BUSINESS DISRUPTION, WE HAVE PUT IN SAFEGUARDS TO MINIMIZE DOWNTIME

CONTACT INFORMATION


CONTACT INFORMATION

WE ARE HERE TO ADDRESS YOUR QUESTIONS

BRIAN DESMONDEVP, Head of Fund Services(T) 441.279.2080(E) [email protected]

BERMUDA CAYMAN CHARLOTTE

WESSEX HOUSE3rd Floor, 45 Reid StreetHamilton, HM 12Bermuda

PICCADILLY CENTER2nd Floor18-A Elgin Avenue, George TownPO Box 425Grand Cayman KY1-9006Cayman Islands

BALLANTYNE BUSINESS PARK15801 Brixham Hill AvenueSuite 540Charlotte, NC 28277U.S.A.

FOR FURTHER INFORMATION ON HORSESHOE FUND SERVICES’ OFFERING, PLEASE CONTACT:

SCOTT BURNSSenior Vice President(T) 441.279.2102(E) [email protected]

MICHAEL GENTILESenior Vice President(T) 704.927.1867(E) [email protected]

Horseshoe Fund Services is licensed and regulated by the Bermuda Monetary Authority


THANK YOU

We look forward to working with you


This document is for information purposes only and does not constitute an invitation or inducement or an offer or commitment, asolicitation of an offer or commitment, or any advice or recommendation, to conclude any transaction. While information herein has beenobtained from sources believed to be reliable, we do not represent it to be accurate or complete. The information contained hereinincludes illustrations and estimates and involves significant elements of subjective judgment, assumptions and analysis. Any views oropinions (including illustrations, estimates, statements or forecasts) constitute our judgment as of the date indicated and are subject tochange without notice. No representation is made as to the accuracy of such illustrations, estimates or projections or that allassumptions relating to them have been considered or stated by Horseshoe Insurance Services Holdings Ltd. (“Horseshoe Group”) or itssubsidiaries.

This information is confidential and proprietary to us and is solely for your use and is not intended for any further dissemination. It maynot be reproduced or circulated without our written permission and may not be distributed in any jurisdiction where such distribution isrestricted by law or regulation.

Nothing in this document should be construed as legal, tax or investment advice nor interpreted as recommending any investment in anyparticular product, instrument or security and should not be relied on as the sole source of information upon which to base aninvestment decision. Unless otherwise agreed in writing, we are not acting as your financial adviser or fiduciary.

Before you enter into any transaction, you should ensure that you fully understand the potential risks and rewards of that transaction andyou should consult with such advisers as you deem necessary to assist you in making these determinations. Neither of us should rely onany representation or undertaking inconsistent with the above paragraphs.

DISCLAIMER

fund administration services - horseshoe · 2019-09-10 · partners re ltd., kpmg bermuda brenton...

Documents