Forvis Mazars: On October 21, 2024, the SEC’s Division of Examinations issued its 2025 Examination Priorities that support its stated mission—promote compliance, prevent fraud, monitor risk, and inform policy. The group will continue its focus on compliance, governance practices, and cybersecurity. Download the PDF below to see what investment advisers, investment companies, and broker-dealers need to know to prepare for upcoming exams. Read more…

The 2023 Seward & Kissel Established Manager Hedge Fund Study (the “Study”) focuses on those Seward & Kissel investment manager clients that have been in business for at least 5 years and manage greater than $1 billion in regulatory assets under management (“Established Managers”). See the Full Report

Is the rebound finally here? Data from 2024 shows middle-market PE-backed M&A on the rise. Hear what the latest numbers indicate about deal volumes and average multiples rebounding in this GrowthTV episode. Scott Linch, National Industry leader of Private Equity at Forvis Mazars, and Bob Dunn, managing director of GF Data, share what these numbers reveal about dealmaking for the future. Watch now!

On August 28, 2024, the SEC voted 3-2 to issue a final rule requiring monthly reporting of fund portfolio holdings by registered open-end funds, registered closed-end funds, and exchange-traded funds organized as a unit investment trust. Open-end funds also would be required to disclose details on service providers used for liquidity risk management. See the full report from Forvis Mazars.

The Hedge Fund Association, an international nonprofit trade and nonpartisan lobbying organization, announces the results of its 2024 HFA Global Board of Directors election. HFA members re-elected Bo Megginson and elected Alex Contreras and Leanne Golding as Directors. Read more…

Citrin Cooperman Advisors, LLC (“Citrin Cooperman”), the premier professional services provider for private, middle market businesses, and high net-worth individuals, announced today that it has acquired substantially all the assets of S&G LLP (“S&G”), a Worcester, MA-based assurance, tax, and advisory firm. Concurrently, Citrin Cooperman & Company LLP, a national independent CPA firm that works closely with Citrin Cooperman Advisors LLC, announced the acquisition of the attest assets of S&G LLP. S&G joins Citrin Cooperman with five partners and over 30 professionals, expanding the firm’s established presence in the New England region.

“S&G’s strong middle market presence, client-centric focus, industry depth, and deep commitment to culture and its people are highly aligned with Citrin Cooperman’s core principles and strategic approach,” said Citrin Cooperman Advisors LLC CEO Alan Badey and Citrin Cooperman Advisors LLC Executive Chairman Joel Cooperman. “We are excited to expand our footprint in New England and are delighted to welcome this amazing group of partners and professionals to our firm.”

“S&G’s culture of team, personal service focus, and inspiring a positive difference in our client’s lives is totally in sync with Citrin Cooperman’s culture, making the decision to join forces an easy one,” said S&G Founding Partners Terry Shepherd and Carl Goldstein. “We are very excited by the compelling impact this shared commitment will have for our clients, partners, and team members.”

Strategic Growth in the Evolving Accounting and Professional Services Profession

Citrin Cooperman has established a strategic growth plan focused on a distinct vision of the accounting and professional services profession’s evolution. The plan recognizes the rapid, revolutionary advances in technology and significant shifts in the needs of middle market and high-net worth clients. This has resulted in over 20 highly strategic transactions in recent years, including targeted regional and service line expansions.

“Citrin Cooperman’s ongoing execution of its growth strategy, including integration of well-respected firms like S&G, continues to position the firm at the forefront of the profession,” added Allan D. Koltin, CEO of Koltin Consulting Group, Inc., who advised both firms on the transaction. “With its transactions with S&G, Citrin Cooperman has brought on another best-in-class firm with highly sought after people and clients, providing great value and opportunities for all involved.”

About S&G: S&G provides a host of consulting and accounting services for middle market and family-owned enterprises including business advisory, assurance, and tax. S&G guides clients through complex issues, advises on ways to maximize financial performance to meet specific objectives and goals, and helps clients get where they want to be—personally as well as professionally.

About Citrin Cooperman: Citrin Cooperman, recently named #18 on the “Top 100 Firms” list by Accounting Today, is one of the nation’s largest professional services firms. With offices across the country, Citrin Cooperman clients span an array of industry and business sectors and leverage a comprehensive menu of business and personal service offerings. Citrin Cooperman & Company LLP, a licensed independent CPA firm that provides attest services and Citrin Cooperman Advisors LLC, which provides business advisory and non-attest services, operate as an alternative practice structure in accordance with the AICPA’s Code of Professional Conduct and applicable law, regulations, and professional standards. The entities include more than 450 partners and 2,800 total professionals. Learn more about Citrin Cooperman at www.citrincooperman.com.

Formidium launches “Crypto Backoffice™” – An integrated Web3 platform for crypto market participants. The platform revolutionizes the tracking and accounting for digital assets for independent traders, asset managers, investors, corporates, outsourced CFOs, fund administrators, accounting firms, and more. Crypto Backoffice™ automates general ledger accounting, tax reporting, compliance along with Investor onboarding and KYC/AML for crypto participants. In addition, the platform facilitates the listing of fund/strategies to enhance access to market, technology, and service for crypto participants.

Rakesh Kumar, CTO of Formidium remarked, “Crypto Backoffice™ aims to empower the crypto traders, businesses, market makers, fund managers, investors and Web3 experts with an integrated solution that streamlines their back-office operations, effectively navigating the complexities of Web3 reporting more effectively. We seek to redefine the crypto accounting landscape with accuracy, transparency, and compliance in the intricate world of Web3.”

Key Features of Crypto Backoffice:

Licensed Product: Available as a licensed product for unified tracking and accounting of digital assets.

Alts Marketplace: A convergence point for investors, fund managers, and service providers in the alternative investment sector, providing access to platforms and communities for marketing and selecting products and services.

User Console: An Intuitive user platform with simple dashboards to track digital asset activity and an interactive CRM to manage investors.

Integrated Exchanges and Wallets: Automatically fetches data using direct API connections to over 100+ exchanges, blockchains, DeFi protocols.

Optimizing Tax Efficiencies: Choose from various tax lot methods with capabilities of handing large volume of transactions.

Audit, Tax and Comprehensive Reporting: Automate investor statements, Financial Statements (complete with footnotes) and access data for regulatory reporting.

Tech Support: Solution experts and product support team seamless migration of historic data and product navigation.

Secure and Scalable Platform: SOC 2 (Type II) audited platform that allows easy scalability and best in class cybersecurity.

Service Add-Ons: Crypto Backoffice™ has teamed with expert service providers to offer outsourced services in addition to the software license.

About Formidium:

Formidium Corp., Downers Grove, IL (USA), is a global investment fund administration services and technology provider with over $28 billion in Assets under Administration across 1,250+ clients covering 26+ jurisdictions. Formidium has developed its proprietary technology for fund accounting (Crypto Backoffice™) and for Investor onboarding & reporting (Crypto CRM). Formidium also offers a marketplace for alternative investments to HNWIs, family offices, and other institutional allocators.

Media Contact

Jaideep Malpani
[email protected]

Citrin Cooperman’s inaugural Emerging Manager Survey Report provides an in-depth analysis of the major factors that are currently shaping, and will continue to shape, future growth for emerging managers, including capital raising, fees and terms, cybersecurity, ESG, and the overall industry outlook. See the Full Report

Forvis Mazars: Under two proposals, certain advisers would be subject to AML/CFT provisions and must develop a customer identification program.

Under two recently issued proposals, certain SEC investor advisers would now be subject to Anti-Money Laundering and Countering the Financing of Terrorism provisions of the Bank Secrecy Act and also be required to develop a customer identification program. Read more…

Forvis Mazars: Brush up on newly effective regulations affecting asset managers and funds, along with recently issued final rules.

Asset managers and funds face a tidal wave of new regulations in 2024 and beyond. Download the article below for a look at newly effective regulations and an overview of final rules issued to date in 2024, along with updates on significant outstanding proposals. Read more…

Forvis Mazars: An SEC final rule updates Regulation S-P regarding the treatment of nonpublic personal information impacting broker-dealers, investment companies, and investment advisers.

On May 16, 2024, the SEC released a final rule updating Regulation S-P, which covers the treatment of nonpublic personal information by broker-dealers (including funding portals), investment companies, registered investment advisers, and for the first time, transfer agents. Read more…

Forvis Mazars: An SEC final rule updates Regulation S-P regarding the treatment of nonpublic personal information impacting broker-dealers, investment companies, and investment advisers.

On May 16, 2024, the SEC released a final rule updating Regulation S-P, which covers the treatment of nonpublic personal information by broker-dealers (including funding portals), investment companies, registered investment advisers, and for the first time, transfer agents. Read more…