Kaufman Rossin Fund Services (KRFS) is the latest US fund administrator looking to benefit from the new market opened by Form PF reporting requirements by launching a new service to assist investment advisors of private funds in complying with the new regulations. Form PF Reporting Services is available to fund administration and middle and back-office clients of KRFS.
The final version of the Form PF requirements, released by the SEC and the CFTC in October, requires advisers to private funds, such as hedge funds and private equity funds, to report particular details of their funds that previously were not required to be disclosed. The form follows a mandate in Dodd-Frank that gives the Financial Stability Oversight Council insight into the activities of advisers to private funds. The regulations create a considerable reporting burden for managers of these funds.
KRFS maintains the majority of the core data required by Form PF, including security positions, derivative positions, leverage, counterparty exposure and beneficial ownership.
Jorge R. de Cardenas, co-founder and director of Kaufman Rossin Fund Services, said: “One significant advantage for KRFS and its clients is KRFS LIVE(TM), a proprietary system which integrates our primary accounting applications: Advent Geneva, Advent Partner and Private Equity Office. Not only does this system provide business intelligence, workflow, reporting and investor services processing, it also provides for enhanced classification and aggregation functionality. The Form PF Reporting Services combines our experienced service professionals with the integrated functionality of KRFS LIVE(TM) to help clients meet their filing requirements while reducing the burden on their operational infrastructure.”
Fund administrators Viteos and GlobeOp have also begun to develop tools to help hedge fund clients comply with Form PF requirements. Meanwhile, on the technology front, ConceptONE the data aggregation and risk reporting firm has launched tools to help private funds comply with the new documentation requirement, including a specialized data warehouse and proprietary calculation library.