FUND ADMINISTRATION SERVICES CONFIDENTIAL OVERVIEW TABLE OF - - PowerPoint PPT Presentation

FUND ADMINISTRATION SERVICES

CONFIDENTIAL

HORSESHOE FUND SERVICES |

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2 OVERVIEW

TABLE OF CONTENTS

03

OVERVIEW

• Horseshoe at a Glance
• Our Differentiators
• Our Team

20

TECHNOLOGY & REPORTING

• Technology Platform
• Integrated Web Reporting Platform
• Daily Portfolio Analytics
• Business Continuity and Disaster

Recovery

09

CLIENT PROFILES

• Fund Structures
• Fund Strategies
• Security Types Supported

14

CORE SERVICE OFFERING

• Our Services at a Glance
• Pre-Launch Advisory and Investor

Services / AML

• Middle Office and Fund Accounting

Services

• Cash Administration and Corporate

Services

• Regulatory Reporting

25

CONTACT INFORMATION

• Contact Us

OVERVIEW

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4 OVERVIEW

HORSESHOE AT A GLANCE

• The Horseshoe Group was founded in 2005 and is the largest independent insurance management

and advisory firm dedicated to reinsurance / insurance linked securities market

• Horseshoe Fund Services (formerly IKONIC Fund Services) was founded in 2007 and was acquired

by the Horseshoe Group in June 2016

• The Horseshoe Group has 165 clients across its insurance and fund administration divisions with

total assets under administration exceeding $25 billion

• The Horseshoe Group is owned by the executive management team with, on average, 20 years

direct experience in the administration of hedge, private equity and ILS focused structures

• The Horseshoe Group has a global presence with 80 employees located between our Bermuda,

United States, UK, Cayman Islands and Sri Lanka offices

• Horseshoe Fund Services uses best of breed technology and has a SOC1 Type II controls

environment

$30B 80+ 2005 165+

GROUP ASSETS UNDER ADMINISTRATION MEMBERS ON THE HORSESHOE TEAM FUNDS RECEIVING FULL FUND ADMINISTRATION SERVICES FOUNDED OVER 10 YEARS AGO

HORSESHOE FUND SERVICES IS A LEADING AWARD-WINNING FUND ADMINISTRATOR PROVIDING SERVICES TO HEDGE, PRIVATE EQUITY AND INSURANCE LINKED SECURITIES ASSET MANAGERS

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5 OVERVIEW

OUR DIFFERENTIATORS

EXPERIENCED TEAM TECHNOLOGY & REPORTING CUSTOMIZATION & FLEXIBILITY QUALITY AND CONTROLS PLATFORM SCALABILITY

Our clients are assisted first by our senior executives, who average 20+ years of experience and are supported by the Horseshoe team of highly qualified industry

• professionals. Our

hiring standards are some of the highest in the industry, resulting in a client-first culture with low turnover We have integrated proprietary straight through processing technology with leading fund administration software to provide our clients and their investors with efficient, smart and customized reporting We pride ourselves on customizing solutions for

• ur clients. A key

component of implementing the right platform is reflected in

• ur ability to remain

flexible and provide our clients the answers that solve their needs in a customized fashion Leveraging our team’s institutional financial services experience, we have built a firm with institutional quality controls while maintaining a culture

• f providing clients

with a responsive and solutions focused service Our platform is highly scalable and will expand and adapt as your service and investor needs change. We cater to all types of investors and their requirements – from high net worth and family offices to large institutional investors. We also scale our services as your fund assets under management grow.

OUR APPROACH HAS BEEN DESIGNED FOR YOUR MOST IMPORTANT ASSET: YOUR INVESTORS

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6 OVERVIEW

OUR PHILOSOPHY IS SIMPLE We focus on being responsive to your needs and innovative in our

• approach. We provide

value and professional expertise at the highest

• level. Without exception,

we strive to exceed your expectations.

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7 OVERVIEW

WE SEEK SOLUTIONS AS YOUR BUSINESS PARTNER

OUR EXPERIENCED MANAGEMENT TEAM IS COMMITTED TO PROVIDING A CLIENT-FIRST SERVICE

BRIAN DESMOND FCA Head of Fund Services 20+ years experience EY & Citi Hedge Fund Services MIKE GENTILE CAIA Head of US Operations 15+ years experience Citi Hedge Fund Services SCOTT BURNS CPA Head of Private Equity 25+ years experience KPMG & JP Morgan and Schroders Bermuda Ltd. KEENAN PRESS CPA Head of Investor Services 15+ years experience BNY Melllon & Opus Fund Services RODNEY DAVIES CA Chief Tech Officer 15+ years experience EY & Citi Hedge Fund Services SEAN WARD Head of Sales & Marketing 15+ years experience SS&C SALLY CANN CA Group Manager 12+ years experience PWC, JP Morgan and Schroders Bermuda Ltd. JASON MICHEL MBA Group Manager 10+ years experience UMB Fund Services GORDON PATERSON FCCA Group Manager 13+ years experience Equinoxe AIS and Citi Hedge Fund Services SONJA FORESTER FCCA Group Manager 20+ years experience PWC, JP Morgan and Schroders Bermuda Ltd JANE LEWIS Head of Compliance 25+ years experience Citi Hedge Fund Services SUSIE TINDALL Head of Corporate Services 20+ years experience Conyers Dill & Pearman

CLIENT PROFILES

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PRIVATE EQUITY / HYBRID STRUCTURES LIMITED PARTNERSHIPS MASTER / FEEDER MINI MASTER / FEEDER SEGREGATED ACCOUNT COMPANY UNIT TRUST / SPECIAL PURPOSE TRUST

CLIENT PROFILES

FUND STRUCTURES

CLIENT PROFILES

• Our clients range from $5 million emerging managers

to institutional managers with over $1 billion in assets under management

• Our clients investor profiles include high net worth,

family office and institutional investors

• Our clients invest in plain vanilla and esoteric

strategies and the trade volumes can be minimal to thousands of trades daily

WE SUPPORT A VARIETY OF FUND STRUCTURES

OUR SOPHISTICATED PLATFORM SUPPORTS A WIDE SPECTRUM OF CLIENT PROFILES AND FUND STRUCTURES SUPPORTED STRUCTURES

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FUND OF HEDGE FUNDS GLOBAL MACRO CTA MANAGED FUTURES MULTI- STRATEGY PRIVATE EQUITY / PRIVATE EQUITY FUND OF FUNDS MARKET NEUTRAL

CLIENT PROFILES

FUND STRATEGIES

CONVERT ARBITRAGE INSURANCE LINKED SECURITIES LONG / SHORT EQUITY FIXED INCOME

STRATEGIES SUPPORTED

OUR ADVANCED TECHNOLOGY PLATFORM ALLOWS US TO SUPPORT A MULTITUDE OF FUND STRATEGIES

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11 CLIENT PROFILES

SECURITY TYPES SUPPORTED

OUR PLATFORM OFFERS SUPPORT FOR A WIDE VARIETY OF TRADING REQUIREMENTS

EXCHANGE TRADED SECURITIES OTC SECURITIES INSURANCE LINKED SECURITIES PRIVATE SECURITIES

VANILLA EXOTIC

• Equities
• Fixed Income
• Equity Derivatives
• Futures
• FX (Spots,

Forwards, Options)

• Fixed Income
• Repos
• Swaps
• Collateralized

Reinsurance

• Industry Loss

Warranties

• Sidecars
• Quota Shares
• Fund of Funds
• Buyout and Venture
• Real Estate
• Peer-to-Peer

Lending

SIMPLE COMPLEX

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12 CLIENT PROFILES

EXTRAORDINARY CLIENT FEEDBACK

“Simply put, we could not have launched our fund without Horseshoe. Their knowledge of all the administration areas along with their flexible, problem- solving approach made our jobs so much easier. From top-to-bottom they are highly competent - and fun people to work with. True partners.”

CORE SERVICE OFFERING

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14 CORE SERVICE OFFERING

OUR SERVICES AT A GLANCE

INVESTOR SERVICES / AML MIDDLE OFFICE PRE-LAUNCH ADVISORY SERVICES FUND ACCOUNTING CASH ADMINISTRATION CORPORATE SERVICES

A COMPREHENSIVE SERVICE OFFERING THAT ADDRESSES EACH OPERATIONAL TOUCHPOINT IS ESSENTIAL IN TODAY’S INCREASINGLY COMPLEX AND REGULATED ENVIRONMENT

REGULATORY REPORTING

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15 CORE SERVICE OFFERING

PRE-LAUNCH ADVISORY AND INVESTOR SERVICES/AML

INVESTOR SERVICES / AML PRE-LAUNCH ADVISORY SERVICES

• Consult on fund structures and accounting best

practices from an operational perspective

• Review offering memorandum and fund documents

and liaise with counsel to incorporate suggested changes

• Provide one point of contact that facilitates the
• nboarding process to finalize fund documents, open

bank accounts and collect KYC documentation

• Make thoughtful introductions to service providers

including prime brokers, custodians, lawyers, audit firms and independent directors

• Advise on Valuation and Side Pocketing Policies
• Review investor subscription agreements and

supporting documents from an AML / ATF and CRS, US and UK FATCA compliance perspective

• Process subscriptions / contributions and

redemptions / withdrawals in accordance with the fund offering documents

• Facilitate the transfer of subscription / contribution

monies to the fund’s prime broker account and also arrange payment for authorized redemptions / withdrawals in compliance with AML / ATF policies

• Report to investors on a periodic basis regarding

trade confirmations and statements

WE TAKE A COMPLIANCE FIRST APPROACH TO ONBOARDING NEW CLIENTS AND REVIEWING INVESTOR TRADE REQUESTS

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16 CORE SERVICE OFFERING

MIDDLE OFFICE AND FUND ACCOUNTING SERVICES

FUND ACCOUNTING MIDDLE OFFICE

• Calculate net asset values for onshore and offshore

funds

• Reconcile portfolio positions, activity and cash with

clients, brokers and custodians and independently value securities utilizing third party pricing sources

• Resolve all trade breaks with prime brokers and

make adjustments for corporate actions

• Prepare period and year end fund financial

statements

• Coordinate and support the annual audit process
• Reconcile portfolio positions, activity and cash with

prime brokers and custodians on a daily basis

• Automate the import of daily portfolio pricing from

third party data vendors

• Process corporate actions and trade breaks on a

daily basis

• Ability to report P&L to clients on a T+1 basis

WHETHER YOUR FUND IS A LONG-STANDING CLIENT OR NEW TO OUR PLATFORM, OUR TEAM DILIGENTLY PROVIDES A CUSTOMER- FIRST EXPERIENCE

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17 CORE SERVICE OFFERING

CASH ADMINISTRATION AND CORPORATE SERVICES

CORPORATE SERVICES CASH ADMINISTRATION

• Liaise with legal counsel on creation / amendment of

constitutional and offering documents

• Comply with all legislative and regulatory

requirements including the requirements of any stock exchange

• Organize and attend meetings with the Board of

Directors by preparing meeting notice and agenda, distribute meeting materials, record decisions, prepare and finalize the meeting minutes

• Assist with annual reporting process including filing

resolutions with the Registrar of Companies and

• ther regulatory bodies
• Establish and maintain bank accounts through

relationships with our banking partners

• Disburse payment of approved third party fees and

expenses incurred by the fund

• Facilitate the payment of duly authorized

redemptions

• Facilitate the transfer of subscription monies to the

fund’s prime broker or custodian account(s)

A STRONG, CONTROLS-CENTERED OPERATIONAL ENVIRONMENT GIVES YOU PEACE OF MIND

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18 CORE SERVICE OFFERING

REGULATORY REPORTING

REGULATORY REPORTING

• Through a partnership with IHS Markit CTI, our

clients are provided with a solution to comply with FATCA and CRS reporting requirements in any jurisdiction

• Report composition tools in the core accounting and

portfolio platform allows for the completion of Form PF Level 1

• Professional Corporate Services team well versed in

the reporting requirements of various offshore jurisdictions including Bermuda, the British Virgin Islands and the Cayman Islands that can assist with preparing and filing annual returns and maintaining the statutory registers, among other services

WE MEET THE NEEDS OF OUR CLIENTS’ REGULATORY REPORTING OBLIGATIONS THROUGH PARTNERSHIPS AND BESPOKE SOLUTIONS

GLOBAL REGULATORY REQUIREMENT S

Provision of Registered Office for Bermuda and Cayman entities Coordination of filing annual returns and payment of annual fees for offshore fund structures Completion of Form PF Level 1 information U.K. and U.S. FATCA reporting for Model 1 and Model 2 CRS reporting to exchanges identified for specific jurisdictions Facilitate Bermuda Stock Exchange listings as an approved listing sponsor

TECHNOLOGY AND REPORTING

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20 TECHNOLOGY AND REPORTING

TECHNOLOGY PLATFORM

WE HAVE INTEGRATED PROPRIETARY TECHNOLOGY WITH LEADING FUND ADMINISTRATION SOFTWARE TO PROVIDE A TRUE STRAIGHT THROUGH PROCESSING SOLUTION

STRAIGHT THROUGH PROCESSING

• Feed Monitoring
• File transformation
• Trade Capture
• Position Capture
• Reconciliation

REPORTING

• IKONNECT Web

Portal

• Portfolio Analytics

Portal

• NAV Reporting
• Regulatory

Reporting

• Investor Reporting

DATA CAPTURE

• Pricing Feeds
• Broker Feeds
• Counterparty Feeds
• Static Data Feeds

PFS-PAXUS

• Fund Accounting
• Portfolio Accounting
• Investor Services
• CRS and FATCA

Compliance FULLY INTEGRATED FULLY INTEGRATED TECHNOLOGY PLATFORM CLOUD BASED

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21 TECHNOLOGY AND REPORTING

INTEGRATED WEB REPORTING PLATFORM

24/7 ACCESS

• Investors have the ability to view a full history of their holdings, transactions

and contract notes

• Asset managers can view and run a wide range of reports on a real-time or

delayed basis such as portfolio, valuation, investor reports and financial statements

• Full document library where a history of reports and documents are housed

from when the fund became a Horseshoe client or from an investor’s initial investment in the fund

TRANSPARENCY REPORTING

• IKONNECT’s flexible functionality provides investors with the proper

authorization, access to view the fund’s overall fund portfolio positions and balance sheet on a time lag basis

ADAPTABLE

• All data and reports are easily exportable to Excel, Word or PDF

YOUR INFORMATION AT YOUR FINGERTIPS THROUGH OUR WEB REPORTING TOOL: “IKONNECT”

WEB PORTAL DASHBOARD TRIAL BALANCE REPORT

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22 TECHNOLOGY AND REPORTING

DAILY PORTFOLIO ANALYTICS

HIGHLY CUSTOMIZABLE

Asset managers can, in a few clicks, create and modify data and report views. The flexibility of the reporting tool enables a user to link views to formula libraries, tag positions and other data with custom attributes, setup filtering rules, drill down to underlying trade and lot information and aggregate positions by numerous specifications

EFFICIENCIES CREATED

All reports can be created on a real time basis by the user which eliminates the time wasted waiting for the report vendor to create a specific report

OUR WEB BASED INDUSTRY LEADING PORTFOLIO ANALYTICS REPORTING TOOL IS ACCESSIBLE ANYWHERE, ANY TIME OF DAY

DAILY PORTFOLIO ANALYTICS PLATFORM POWERED BY PORTFOLIO AMALFI™

INCREASED TRANSPARENCY

The nimbleness of the Portfolio Amalfi™ reporting tool provides crucial on-demand portfolio information for users, regardless

• f their location, as Portfolio Amalfi™ can

be accessed on a computer, iPad and

• ther devices

COMPETITIVE DIFFERENTIATOR

The dynamic portfolio reporting tool is a powerful competitive differentiator that can effectively be utilized in investor meetings to showcase a fund’s historical performance against a benchmark, sector weightings and portfolio composition, among other important portfolio attributes

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23 TECHNOLOGY AND REPORTING

BUSINESS CONTINUITY & DISASTER RECOVERY

INFRASTRUCTURE

IT infrastructure is fully cloud based and is managed by a hosting provider. The servers are replicated on a daily basis from the primary datacenter in Montreal, Canada to the disaster recovery datacenter in London, United Kingdom

FACILITIES

Given our global footprint and cloud based IT environment, client work can be performed in alternate office locations providing little, if no, disruption to the servicing timeline

OPERATIONS / STAFF

A call tree has been established for employees and clients to ensure full communication

IN THE EVENT OF A BUSINESS DISRUPTION, WE HAVE PUT IN SAFEGUARDS TO MINIMIZE DOWNTIME

CONTACT INFORMATION

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25 CONTACT INFORMATION

WE ARE HERE TO ADDRESS YOUR QUESTIONS

Bermuda Brian Desmond

EVP, Head of Fund Services (T) 441.279.2080 (E) brian@horseshoeglobal.com

Scott Burns

Senior Vice President (T) 441.279.2102 (E) scottb@horseshoeglobal.com

FOR FURTHER INFORMATION ON HORSESHOE FUND SERVICES’ OFFERING, PLEASE CONTACT: New York, NY Sean Ward

SVP, Sales (T) 201.704.1683 (E) sean@horseshoeglobal.com

Charlotte, NC Michael Gentile

Senior Vice President (T) 704.927.1867 (E) mike@horseshoeglobal.com

Horseshoe Fund Services is licensed and regulated by the Bermuda Monetary Authority

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THANK YOU We look forward to working with you

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27 This document is for information purposes only and does not constitute an invitation or inducement or an offer or commitment, a solicitation

• f an offer or commitment, or any advice or recommendation, to conclude any transaction. While information herein has been obtained

from sources believed to be reliable, we do not represent it to be accurate or complete. The information contained herein includes illustrations and estimates and involves significant elements of subjective judgment, assumptions and analysis. Any views or opinions (including illustrations, estimates, statements or forecasts) constitute our judgment as of the date indicated and are subject to change without notice. No representation is made as to the accuracy of such illustrations, estimates or projections or that all assumptions relating to them have been considered or stated by Horseshoe Insurance Services Holdings Ltd. (“Horseshoe Group”) or its subsidiaries. This information is confidential and proprietary to us and is solely for your use and is not intended for any further dissemination. It may not be reproduced or circulated without our written permission and may not be distributed in any jurisdiction where such distribution is restricted by law or regulation. Nothing in this document should be construed as legal, tax or investment advice nor interpreted as recommending any investment in any particular product, instrument or security and should not be relied on as the sole source of information upon which to base an investment

• decision. Unless otherwise agreed in writing, we are not acting as your financial adviser or fiduciary.

Before you enter into any transaction, you should ensure that you fully understand the potential risks and rewards of that transaction and you should consult with such advisers as you deem necessary to assist you in making these determinations. Neither of us should rely on any representation or undertaking inconsistent with the above paragraphs.

DISCLAIMER