The former senior management team of Palmeri Fund Administrators (PFA) has reunited to launch Broadscope, a provider of outsourced fund administration to the private equity industry.
Frank Palmeri, founder of PFA and now managing member of Broadscope, said: “As the entire financial landscape changed, it brought new issues of regulation, compliance, transparency and technology. The more complex things get, the more we bring to the table. Over 20 years ago, during the early years of PFA, I spent most of my time with potential clients explaining the benefits of outsourcing. The industry has evolved so dramatically that now fund managers are searching for independent third party fund administrators that deliver superior services. What they need most and what their investors are demanding are independent checks and balances and transparency provided by experienced fund administrators with solid expertise and integrity. This is Broadscope.”
Kevin O’Neill and Rick Palmeri are also managing members.
O’Neill said: “Broadscope is also about the latest and best thinking in fund administration using the right tools to provide the data and access required by todays investors. From accounting to process control to tax management to CRM, weve identified the best technology out there, to give clients a suite of services that can truly be called next generation.”
PFA was acquired by State Street in 2007. After State Street’s acquisition of PFA, Palmeri served as the senior vice president of State Streets Alternative Investment Solutions, Private Equity FundServices group from 2007 to 2009. O’Neill served as senior managing director and COO of State Streets Alternative Investment Solutions, Private Equity Fund Services group. Subsequently, he led the firms Private Equity and Real Estate product in both North America and Asia-Pacific. Rick Palmeri managed the Investor Services team for the firms Private Equity Fund Services Group.
(JDC)