iag (london) private equity fund administration 2016

LONDON / GUERNSEY / LUXEMBOURG / HONG KONG / SINGAPORE / CAYMAN ISLANDS

InternationalAdministrationGroup

www.iagfundservices.com

SERVICES FOR PRIVATE EQUITY FUND MANAGERS

2 IAG (UK) // International Administration GroupPrivate and Confidential. All Rights Reserved. Not for Distribution. Copyright IAG (UK) Limited

We spoke to more than 100 GPs about fund reporting and what they have found to be the most important qualities of a fund administrator

Private Equity Funds - most GPs agree on what is most important

The ideal administrator knows its business, knows our business, and knows how to run a business in a way that puts the client first

GPs said they found the following most valuable in a fund administrator:

An experienced and expert team

A sophisticated business

framework

A relationship-driven partner

Technical accounting

ability

Robust and efficient

technology

Strong independent leadership

Private equity knowledge

Watertight processes

Proactive communications

style

Low staff turnover

A commitment to staff training

and development

Flexible approach to

service delivery

Willing to invest in the

relationship

Respondent to IAG’s most recent research


We embrace these qualities and have built our business around them

IAG’s approach to fund services – always driven by client needs

In 2014, as part of our commitment to continuous service improvement, we began a research programme to identify our clients’ experiences of working with us

We use the findings to align our services more closely with our clients’ needs

GPs said they found the following most valuable – here’s how we stack up

An experienced and expert team

A sophisticated business

framework


Director leads each client mandate, is hands-on with the client and attends all board meetingsOur client directors have worked in fund administration for more than 25 years eachHigh continuity of staff servicing clients: 97% of headquarters’ staff retained 12 months or more (2013/14 figures)

We employ industry leading systems and technology to ensure the most up to date service platformsOnline portals are available for clients and investorsIT security and business continuity plans are robust and tested on a frequent basis

We are proactive in flagging opportunities and issues and flexible in how we work with youWe provide a director-led, consistent, accountable team that remains with you – every man is a “key man”From day one, we invest in a long-term relationship: our policies, ethos and work are focused on this principle


Follow-upas required

We put our clients at the centre of our business – this is how you get there:

Getting started – beginning your partnership with IAG

Boardmeetings

Agreeprocesses

Due diligence

Team selectionPreparation

Gather client requirements and service needs to prepare proposal bespoke to client

Assess client and project requirements and select most appropriate client servicing team

Complete client due diligence in conjunction with fund authorisation application

Agree all procedures, operations, bank accounts, ledgers and advise on any improvements that can be made

Director-level representation at each quarterly board meeting

Our client-servicing team, including the assigned director, is always available for any issues that arise and will pro-actively advise of any opportunities that become apparent


Private Equity fund administration

£2.4bn assets Under Administration


IAG has experience providing services to all kinds of private equity funds from venture through growth to buyout and has worked with mezzanine funds and natural resources specialist funds, too

Private Equity fund administration

Corporate and Statutory Services

Compliance and Regulation

Finance, Accounting and Administration

Investor Relations and Communications

Fund formation advice and project management

Corporate secretarial services

Cash management

ADVISORY AND SERVICESRELATIONSHIP MANAGEMENT

Provision of registered office

Provision of directors

Management company and GP administration

Assistance with licence applications and

authorisation

Maintenance of statutory records

FATCA and AIFMD reporting

Liaison with auditors

Statutory filings

Compliance monitoring

Accounting and bookkeeping

Asset and bank reconciliation

Reconciliation of call monies

Maintenance of partners’ capital accounts

Distributions calculation, payment

Deal execution administration

Investor communications

Maintenance of investor register

Circulation of investor information

Making capital calls on investors

Financial accounts preparation

Carried interest calculation

Making distributions to investors


Our AIF Manager and depositary services support those private equity and real estate clients whose funds are captured by the European Union’s Alternative Investment Fund Managers Directive (AIFMD)

AIFMD and depositary services

Through our partners, Thompson Taraz, we are able to offer a full AIFMD compliant depositary service, as well as comprehensive AIF Manager services

Cash MonitoringA central part of the

depositary's role is tounderstand and

monitor the fund’s cashassets

Safeguarding of AssetsOur role will include

verification of the ownership of your fund's assets,

recording of all evidence of ownership, and accurate

and up-to-date recording of these assets

Overseeing Fund OperationsOnce a fund is up and running, the rigorous oversight of fund operations is crucial for compliance

DEPOSITARYSERVICES


We are proud of the relationships we build with our clientsBelow is a sample of those we work with in Europe, Asia and the Americas

Our credentials



Very strong knowledge and ability to guide us. Excellent data collector and high quality accounting and reporting – always correct and on-time information. Very quick at responding to our queries. Very good, very responsive and we love the single point of contact….Mark, a founder, is involved and available to discuss operational matters.Where there have been issues they have been resolved and they changed systems. They are a very strong outfit.

Respondents to our recent client research


About IAG

10

The desire to start IAG arose from the inevitable frustration that all entrepreneurs experience within a large organisation: excessive bureaucracy; focus on internal needs rather than the client’s; and desperately slow decision-making processes. We wanted to do it differently: to focus on solutions which fit the client’s culture and requirements; to offer daily access to our directors and shareholders as decision-makers; to find creative solutions to client challenges; and all the while doing this within a control framework which ranks with the best.15 years later we haven’t lost sight of these objectives. Indeed, we believe we meet them each and every day with every client contact. And we have done all this as we have grown from an office of 4 in 2000 to an international network of offices in key global jurisdictions.To do this we employ high quality people who share our view of how things should be done and attract clients who appreciate our partnership approach.Our efforts were recently recognised by being named the 2014 Guernsey Business of the Year. Welcome to IAG. We look forward to working with you.

A letter from our founders

“IAG gives clients daily access to our directors and decision makers.”

Alison Simpson, CEO Mark Woodall, CFO

“IAG attracts clients who share in our partnership approach.”


The IAG management team

Alison co-founded IAG in 2000. She oversees IAG’s operations and its client services team, as well as managing a number of international clients.Alison has over 20 years’ experience in offshore banking and fund administration services. Prior to setting up IAG, Alison spent 10 years at Guernsey International Fund Managers Limited where she managed a number of clients and developed her expertise in offshore fund structures.

Mark co-founded IAG in 2000. He is responsible for finance and client services and has 22 years’ experience in offshore fund administration.Prior to IAG, Mark spent eight years at Guernsey International Fund Managers Limited, ultimately as Company Secretary and Head of Investment Administration where he was responsible for funds with assets over £5bn.He is an Associate of the Institute of Chartered Accountants in England and Wales and an Associate of the Chartered Institute of Bankers.

Raymond joined IAG in September 2006. He focuses on developing IAG’s business and completing strategic joint ventures in Asia and Europe to strengthen its international reach.He has 25 years’ experience of working in the financial services industry. Raymond has acquired and merged businesses across Guernsey, Jersey, London, Hong Kong, Singapore, Switzerland, British Virgin Islands and the Cayman Islands.Prior to IAG, he managed the European operations and 350 staff of Equity Trust.Ray is a Fellow of the Association of Chartered Certified Accountants.

RAYMOND PAGE, MANAGING DIRECTOR

MARK WOODALL, CFO

ALISON SIMPSON, CEO


The IAG management team (continued)

Neil joined IAG in 2007. He oversees the fund accounting team, liaising with professional advisers and boards to ensure a smooth financial reporting process for clients.Neil has over 25 years’ experience in financial reporting for various fund structures using international, UK and US accounting principles.Prior to IAG, he was the Director of Client Accounting at Close Fund Services Limited. Previously he was a Senior Audit Manager for Ernst & Young in Guernsey.

Chris joined IAG in 2008. He oversees the Private Equity team and specialises in handling regulatory applications and setting up structures.Chris has 20 years’ experience within the Guernsey financial services industry, 15 of which were focused on private equity fund administration with Northern Trust.He has helped establish many high profile private equity funds.

Alan joined IAG UK in December 2014 as Commercial Director based in London. His focus is on business and commercial development.He has over 20 years’ experience in the financial services industry encompassing a wide range of sectors including capital markets and alternative investments.Prior to IAG Alan held a number of senior positions with leading financial institutions including BNP Paribas, Bank of New York Mellon and RBS.

ALAN ROSS, COMMERCIAL DIRECTOR

CHRIS COCHRANE, MANAGING DIRECTOR, PRIVATE EQUITY

NEIL FELL, CLIENT ACCOUNTING DIRECTOR


The IAG management team (continued)

Afshin is a founding partner of Thompson Taraz, IAG’s joint venture partner in the UK. Afshin specialises in advising clients on establishing and dissolving funds, including complex cross-jurisdictional structures.Afshin also acts as a non-executive director for a variety of companies, in a funds-related fiduciary capacity or as a financial and commercial adviser to unquoted real estate funds.Afshin qualified with KPMG in their London office. He then spent eight years at Arthur Andersen. Afshin is a Fellow of The Institute of Chartered Accountants in England and Wales.Martin joined Thompson Taraz in 2001, IAG’s joint venture partner in the UK. He heads up its private equity fund depositary team. He specialises in using his technical knowledge and experience to guide clients on the structuring of funds and their management. He has recent experience of establishing EIS and SEIS funds.Prior to joining Thompson Taraz, Martin spent 14 years in the Business Services Division of the London offices of accountancy firm Baker Tilly.Martin is a Fellow of The Institute of Chartered Accountants in England and Wales.

Martin joined IAG in 2012 and is responsible for a number of its private equity clients. Martin has 15 years’ experience within the Guernsey financial services industry and has worked on many new fund formations. He works with a wide portfolio of clients in the private equity, as well as real estate, infrastructure and structured finance sectors.Martin is a member of the Guernsey Branch of the Institute of Directors and has been a director on a range of fund management and fund investment companies. He is a Fellow of the Association of Chartered Certified Accountants.

MARTIN SCOTT, DIRECTOR, PRIVATE EQUITY

MARTIN HEFFERNAN, DIRECTOR

AFSHIN TARAZ, DIRECTOR


IAG invests in a range of market-leading and top-performing software programmes designed specifically for fund administration; IAG works with each client to tailor reporting and systems to meet client requirements

Systems architecture

INVESTRANInvestran is a fully integrated reporting solution for all processes, covering the entire investment life cycle and is used by a significant number of the world’s leading private equity firms.It provides a transaction-based, multi-currency general ledger for investment and partnership accounting, portfolio management and reporting.IAG uses Investran to generate and deliver automated capital calls, distributions, wire notices and other ad-hoc investor reports.MICROGEN

Microgen 4Series is a well-established software product that is widely used in the corporate administration area.It has fully integrated modules covering bookkeeping, asset valuation, multi-currency ledgers, fee calculations and shareholder registers.

VIEWPOINTViewPoint Administrator is used to manage the company secretarial records of our clients.One of its key benefits is the ability to store all statutory information and generate statutory reports such as annual returns and corporate registers.

VIRTUALBOARDROOM

SOLVAS PORTFOLIO

Virtualboardroom is an established application for the preparation of board packs. It enables clients to use their iPads to transport their board papers and has a web-based portal to enable the sharing of confidential documentation with directors and other authorised users.

Solvas Portfolio is a new software tool which IAG has introduced to provide an easy-to-use, transparent and accurate portfolio administration system, notably for sophisticated bond products.It supports a large array of asset types, including syndicated bank loans, bonds, asset-backed and mortgage-backed securities, synthetics and equity.


Office locations

GUERNSEYInternational Administration Group (Guernsey) LimitedRegency Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WW

LONDONInternational Administration Group (UK) Limited47 Park Lane, Mayfair, LondonW1K 1PR

LUXEMBOURGInternational Administration Group (Luxembourg) Sarl19 rue de l’Eau, L-1449 Luxembourg

CAYMAN ISLANDSc/o Wilmington Trust (Cayman) Ltd4th Floor, Century Yard, Cricket Square, Elgin Avenue, George Town, PO Box 32322,Grand Cayman KY1-1209, Cayman Islands

HONG KONGTricor IAG Fund Administration (Hong Kong) LimitedLevel 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong

SINGAPORETricor IAG Fund Administration (Singapore) Pte. Ltd80 Robinson Road, #02-00, Singapore 068898

EUROPE AMERICASASIA


Contact

ALAN ROSSCOMMERCIAL DIRECTOR

Direct Line: +44 (0)20 7499 1111Mobile: +44 (0)7876 865076

[email protected]

iag (london) private equity fund administration 2016

Economy & Finance