Fund Services - Hedge Funds, Endowments & Foundations

Ultimus offers comprehensive accounting services for hedge funds, coupled with a consultative approach to help bring new fund products to market.

Ultimus can calculate your fund’s NAV on a daily, weekly, or monthly basis, depending on your preference and investor demands. We also provide daily services that include trade capture, daily pricing and reporting, and monthly services such as profit/loss allocation and investor reporting. We work directly with your fund’s auditors to complete your year-end audit and create and distribute annual audited financial statements to investors. By outsourcing your hedge fund administration to Ultimus, you’ll receive integration with prime brokers and custodians, as well as access to pricing data sources to obtain independent prices. We also handle verification responsibilities for your fund, such as anti-money laundering checks on all investors, reconciliation of cash and trade positions with prime brokers, and independent pricing of all assets to ensure accuracy.

Outsourced administration improves your fund’s ability to grow, as Ultimus has the capacity to handle the extra responsibilities that come with additional assets or funds. Through Ultimus, you’re getting full access to an experienced team focused exclusively on the required processes and procedures for your fund. This independent oversight gives your investors’ confidence about the integrity and security of their data and assets.

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We’ve built personalized services into the Ultimus culture, right down to our operational structure. Instead of the “call center” approach of most large administrators, we provide you a dedicated specialist, who forms a strong and trusted relationship with you and learns the unique aspects of your hedge fund in order to problem solve and anticipate your needs.

Ultimus’ audit and tax management services include:

• Interaction with the fund’s independent accounting and tax firms
• Audit coordination and support 

Audit Support

When you choose Ultimus for administration of your hedge fund, we will work with your audit firm to determine timing and complete requirements for items on the Prepared by Client (PBC) list for an audit. From there, we will prepare all required schedules and create and distribute confirmation letters. As needed, we explain financial transactions and consult with the audit team to help ensure the audit is completed timely.

Tax Preparation Assistance

Generally, it is most efficient to have your fund’s CPA firm also prepare the K-1 forms and state and federal tax returns for your fund. However, we will work closely with your tax provider to provide the necessary economic information and data.

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At first glance, preparing the draft of the annual audited financials for a private fund may not appear to be a significant task. In practice, however, many issues and complications can arise, which require the technical expertise of an experienced CPA. At Ultimus, our financial reporting group alleviates these concerns for our clients. We take ownership of the entire financial reporting process, including the interface with your auditor on your behalf. As a result, your staff can rest easy knowing these reports will be done accurately and on time.

Services include:

• Proper classification of asset and liability accounts
• Class disclosures and share/series roll-forwards
• Specific disclosure and classification requirements for the schedule of investments
• Creation of a cash flow statement in proper format based on trading activities
• Complex footnote disclosures
• Financial highlight calculations

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Ultimus provides all the tools you need to efficiently manage your hedge fund at the investor level. Our extensive transaction, report generation, and document handling systems supported by automated control processes enable us to deliver the most up-to-date information needed to properly maintain your fund. We provide a state-of-the-art web portal for investors and fund managers to access all data and information about their investments.

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Ultimus provides an innovative portfolio and risk management analysis tool that integrates with a fund’s official books and records. This desktop solution provides easy 24/7 access to real-time and historical positions, profit and loss computations, and risk attributes.

Our portfolio and risk management systems also help measure and communicate potential risks that can impact operations at the portfolio level. Our reporting systems supply quantitative information to help private equity, venture capital, and real estate fund managers evaluate and implement strategic choices for their fund activity.

This includes, but is not limited to:

• Real-time profit & loss computations
• Granular detail of portfolio positions
• Scenario analysis and stress testing
• Portfolio optimization
• Full suite of risk analysis

Ultimus’ portfolio and risk management platform is designed to provide full integration between your front and back office.

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Ultimus’ unique co-sourcing operating model leverages a single technology platform to support your front office, sales and marketing team, and investors. This advanced central data repository stores all of your investment data (security master, transactions, holdings, taxlots, daily P&L) as well as third party market data (analytics, prices, corporate actions, benchmark data). In addition to having extensive experience integrating this data with many different front office technologies, the Ultimus solution also makes this data available to your investors through web portals. Our state-of-the art technological infrastructure provides you access to important post-execution trade data, including profit and loss computation, attribution and risk analytics, to support daily portfolio evaluation and sales efforts.

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Although a third-party administrator can take on the function of calculating a hedge fund’s official Net Asset Value (NAV), it remains the investment manager’s responsibility to investors to verify the portfolio’s numbers. Therefore, over the last 10 years, an increasing number of hedge funds have adopted “shadow accounting” — keeping a complete separate set of fund records for the sole purpose of finding and correcting mistakes — in order to enhance the accuracy and integrity of their data. This “shadow” of your administrator’s reporting offers the important independent verification that investors demand.

Contact us or click here to learn more about Ultimus’ full suite of solutions for shadow accounting.

Ultimus utilizes a combination of proprietary and outsourced best-in-class technology to provide advisers and investors with extensive, detailed portfolio data and analytics that span from near-real time performance information to risk and exposure reporting at the investor level. We continually research industry technological innovations and evaluate our providers to ensure we are offering best-in-class solutions. We also regularly consult with you to understand your changing data requirements to ensure our proprietary offerings meet your reporting needs and those of your investors.

We utilize some of the industry’s most current, versatile technology platforms, including:

• Portfolio and risk monitoring and scenario analysis systems
• Portfolio accounting systems that support all asset classes
• General Ledger based accounting systems that support partnership and shareholder-based accounting for private funds
• Online web portal for fund manager and investor reporting.

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Ultimus’ treasury services revolve around a robust system of financial control to protect the integrity of your fund. This system relies on the principle of joint control between your fund and Ultimus regarding the movement of money, as well as separation of duties within Ultimus.

Ultimus will perform all banking and transfer activities for your fund while giving you the final approval for all disbursements. As with all other aspects of our operation, a series of process-driven internal controls provide accuracy and timeliness. We work with a large number of banks to ensure the right fit for you.

Ultimus’ treasury services include:

• Fund expense payments
• Line of credit (LOC)
• Distribution payments
• Bank account setup
• Investor capital contributions
• Bank reconciliations
• And more

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