FUND ADMINISTRATION SERVICES - Horseshoe · Bermuda Ltd. KEENAN PRESS CPA. Head of Investor Services. 15+ years experience BNY Melllon & Opus Fund Services RODNEY DAVIES CA. Chief

FUND ADMINISTRATION SERVICES

CONFIDENTIAL

HORSESHOE FUND SERVICES | Confidential

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OVERVIEW

TABLE OF CONTENTS

03OVERVIEW• Horseshoe at a Glance

• Our Differentiators

• Our Team

20TECHNOLOGY & REPORTING• Technology Platform

• Integrated Web Reporting Platform

• Daily Portfolio Analytics

• Business Continuity and Disaster

Recovery

09CLIENT PROFILES• Fund Structures

• Fund Strategies

• Security Types Supported

14CORE 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 Reporting25CONTACT INFORMATION• Contact Us

OVERVIEW


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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+ 2005165+GROUP ASSETS

UNDER

ADMINISTRATION

MEMBERS ON THE

HORSESHOE TEAMFUNDS 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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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 our clients. A key component of implementing the right platform is reflected in our 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 of 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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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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OVERVIEW

WE SEEK SOLUTIONS AS YOUR BUSINESS PARTNER

OUR EXPERIENCED MANAGEMENT TEAM IS COMMITTED TO

PROVIDING A CLIENT-FIRST SERVICE

BRIAN DESMOND FCAHead of Fund Services20+ years experienceEY & Citi Hedge FundServices

MIKE GENTILE CAIAHead of US Operations15+ years experienceCiti Hedge Fund Services

SCOTT BURNS CPAHead of Private Equity25+ years experienceKPMG & JP Morgan and Schroders Bermuda Ltd.

KEENAN PRESS CPAHead of Investor Services15+ years experienceBNY Melllon & Opus Fund Services

RODNEY DAVIES CAChief Tech Officer 15+ years experienceEY & Citi Hedge FundServices

SEAN WARDHead of Sales & Marketing15+ years experienceSS&C

SALLY CANN CAGroup Manager12+ years experiencePWC, JP Morgan andSchroders Bermuda Ltd.

JASON MICHEL MBAGroup Manager10+ years experienceUMB Fund Services

GORDON PATERSON

FCCAGroup Manager13+ years experienceEquinoxe AIS and Citi Hedge Fund Services

SONJA FORESTER

FCCAGroup Manager20+ years experiencePWC, JP Morgan andSchroders Bermuda Ltd

JANE LEWISHead of Compliance25+ years experienceCiti Hedge FundServices

SUSIE TINDALLHead of Corporate Services20+ years experienceConyers 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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CLIENT PROFILES

SECURITY TYPES SUPPORTED

OUR PLATFORM OFFERS SUPPORT FOR A WIDE VARIETY OF

TRADING REQUIREMENTS

EXCHANGE TRADED

SECURITIESOTC SECURITIES

INSURANCE LINKED

SECURITIESPRIVATE 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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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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OUR SERVICES AT A GLANCE

INVESTOR

SERVICES / AML

MIDDLE OFFICEPRE-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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PRE-LAUNCH ADVISORY AND INVESTOR SERVICES/AML

INVESTOR SERVICES / AMLPRE-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

onboarding 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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MIDDLE OFFICE AND FUND ACCOUNTING SERVICES

FUND ACCOUNTINGMIDDLE 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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CASH ADMINISTRATION AND CORPORATE SERVICES

CORPORATE SERVICESCASH

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

other 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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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 PFLevel 1 information

U.K. and U.S. FATCAreporting 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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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

FU

LLY

INT

EG

RA

TE

D

FU

LLY

IN

TE

GR

AT

ED

TECHNOLOGY PLATFORM

CLOUD BASED


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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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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

of their location, as Portfolio Amalfi™ can

be accessed on a computer, iPad and

other 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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BUSINESS CONTINUITY & DISASTER RECOVERY

INFRASTRUCTUREIT 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

FACILITIESGiven 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 /

STAFFA 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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CONTACT INFORMATION

WE ARE HERE TO ADDRESS YOUR QUESTIONS

Bermuda

Brian DesmondEVP, Head of Fund Services

(T) 441.279.2080

(E) [email protected]

Scott BurnsSenior Vice President

(T) 441.279.2102


FOR FURTHER INFORMATION ON HORSESHOE FUND SERVICES’

OFFERING, PLEASE CONTACT:

New York, NY

Sean WardSVP, Sales

(T) 201.704.1683


Charlotte, NC

Michael GentileSenior Vice President

(T) 704.927.1867


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

of 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

Documents

FUND ADMINISTRATION SERVICES - Horseshoe · Bermuda Ltd. KEENAN PRESS CPA. Head of Investor Services. 15+ years experience BNY Melllon & Opus Fund Services RODNEY DAVIES CA. Chief