Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
14/06/2010
BNY Mellon AIS introduces side pocketing accounting service
Hedge fund administration fund BNY Mellon Alternative Investment Services (AIS) has introduced a new automated enhanced reporting service for side pocket accounts and special purpose vehicles
(SPVs).
The service, called Praeeo, provide hedge fund managers with greater flexibility in structuring their funds, enabling them to segregate illiquid investments with ease, as well as moving capital and/or earned income from the side pocket to the main portfolio.
Flexible investor statements also offer investors greater transparency across both liquid and side-pocketed holdings.
Over 50 funds with SPVs and side pockets are currently using the service, which is supported in both share- and capital-based fund structures.
“Hedge fund clients utilise side pockets and SPV structures in a variety of ways [but]… whatever the need, this new service offers clients more options and improved operational efficiency in managing capital flows between their main and side pocket holdings,” said Rick Stanley, head of product management for BNY Mellon AIS.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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