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Fund
Administration

Horseshoe Fund Services (Horseshoe) provides back and middle office services including fund and portfolio accounting, investor servicing, AML, financial reporting and regulatory compliance services to hedge funds, private equity funds, ILS funds, real estate funds and venture capital funds.

We differentiate ourselves in 5 key areas: experience; quality and controls; customization and flexibility; technology and reporting; and platform scalability.

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Insurance-Linked
Securities Funds

Horseshoe provides a one stop solution to funds investing in insurance-linked securities including fund accounting, investor services, AML, financial reporting, regulatory compliance, actuarial valuations, insurance management and transforming services.

Our professional staff are comprised of qualified accountants, actuaries, underwriters and claims adjusters. Through our affiliated company, Horseshoe Re Limited, we offer a flexible and efficient transforming platform operating as a link between reinsurance and capital market investors.

We facilitate capital market investor participation in reinsurance transactions such as ILWs, Excess of Loss, Quota Share treaties, Sidecars and Collateralized Reinsurance.

We place great importance on technology and controls and employ a fully integrated technology platform.

Services

Pre-Launch Services

Pre-launch services include:

  • Liaise with legal counsel
  • Review Fund documents
  • Advise on fund structuring, including valuation and side pocket policies
  • Coordinate the investor take on process and manage subsequent closing process
  • Coordinate regulatory filing requirements
  • Introductions to custodians, lawyers, audit firms and independent directors, if requested
  • Development of operational procedures and workflow
  • Establish, set-up and manage fund bank accounts
  • Develop fund and investor reporting packages

Valuation

Valuation services include:

  • Determine an insurance-linked security asset valuation methodology consistent with the underlying exposure and products in consultation with the Investment Manager
  • Review and opine on the Investment Manager’s models and procedures necessary to support the valuation of the Fund’s investments
  • Recalculate the Investment Manager’s earned premium at each valuation period and confirm their seasonal earnings factors are consistent with industry benchmarks
  • Provide a monthly list of relevant worldwide catastrophe events for the Investment Manager to refer to during loss detail discussions
  • Test assumptions around loss estimates and any additional provisions for future reserve uncertainty

Fund and Portfolio
Accounting

Fund and Portfolio Accounting services include:

  • Calculate Net Asset Values for onshore and offshore funds, including automated calculation and allocation of administration, management, incentive fees and other accruals
  • Independently value securities using third-party sources
  • Reconcile portfolio positions, activity and cash with banks and custodians
  • Automated multi-series, series consolidation, equalization and partnership accounting
  • Automated side pocket functionality
  • Prepare quarterly transparency reports for Investors
  • Prepare monthly and year-end fund financial statements
  • Liaise with auditors and coordinate audit timetables
  • Coordinate tax preparation

Investor
Services and AML

Investor and AML services include:

  • Maintain investor records and respective share and partnership registers
  • Monitor ERISA asset levels
  • Process subscriptions/contributions, redemptions/withdrawals and transfers
  • Seek to ensure investor compliance with AML policies utilizing World-Check©
  • Report to investors by email, web or fax, their respective holdings and values
  • Distribute other fund documentation to investors as required
  • Reply to all investor correspondence in a timely manner

CASH
ADMINISTRATION

Cash Administration services include:

  • 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)

Regulatory
Compliance Services

Regulatory Compliance Services include:

  • FATCA and CRS compliance
  • Assist with Form PF Level 1 completion
  • Professional Corporate Services team in our affiliate company, Horseshoe Corporate Services, ensures compliance with reporting requirements of various offshore jurisdictions including Bermuda, the British Virgin Islands and the Cayman Islands
  • As an approved listing sponsor of the Bermuda Stock Exchange we can assist our clients with listings as required