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Anchin Financial Services Group Overview Navigating today’s complex economic environment poses significant challenges to financial services firms and other market participants. Whether conditions are volatile or stable, bullish or bearish, savvy investors need to find ways to profit and thrive. Anchin’s Financial Services Group has assembled a team of seasoned experts to cater to the needs of the financial services industry, providing assurance and audit, tax, financial reporting, back office administration and business advisory services. We take a broad view of your business and work with management to design strategically oriented solutions, combining traditional tax and accounting services with information technology, operational analysis, and risk management to enhance value at the enterprise level. For more than 35 years, we have created customized services and groomed professionals to serve our financial industry clientele, ranging from small, entrepreneurial startups to established funds. We work with over 400 investment partnerships, hedge funds, funds-of-funds, family offices, private equity funds, off-shore funds, master-feeder structures, broker/dealers, mutual funds, investment advisers, commodity advisers, securities specialists, and traders. We are proactive planners who can address concerns on the horizon before they become an issue, enabling you to better concentrate on investment performance. As regulatory scrutiny intensifies and risk becomes increasingly difficult to manage, Anchin can provide the expertise to steer you through any challenge you may face. We have the capacity to advise our clients as they implement the latest and most sophisticated investment strategies and financial vehicles and can provide the appropriate accounting and tax advice to meet their needs, whether that means ensuring full compliance in financial reporting, minimizing tax exposure, or consulting on operations, regulatory registration, systems design, or technology solutions. Our Role as Business Advisors and Consultants The ever changing landscape of the financial markets must be met with creative solutions. Providing our clients with innovative approaches to their complex issues helps us build relationships and strengthen our presence in the financial services arena. Our years of experience, extensive network, and comprehensive institutional knowledge allow us to offer our clients perspectives and insights on the overall direction of their businesses. More than tax specialists and accountants, we see ourselves as strategic business advisors whose role is to help clients meet their long and short-term goals and ultimately increase their profitability. Customized Client Service Anchin prides itself on customized service executed to meet the unique needs of each client. That means that our engagement partners are thoroughly familiar with the client’s business, the market environment in which they operate, and the unique features of its industry. By carefully selecting engagement teams to cater specifically to each client’s needs, we can conduct efficient and cost-effective audits, design and implement optimal tax positions, and provide valuable consulting assistance to management. Financial Industry Expertise Our partners in the Financial Services Group are thought leaders in the industry and are routinely called upon to speak at industry seminars and symposiums. Over the years, we have created and chaired numerous conferences for members of the financial services industry to share our perspective and insight. We also spend considerable time developing a strong network of brokers, attorneys, financial advisors, administrators, and other players in the industry which we can leverage for the benefit of our clients. Timely Delivery and Accessibility Anchin understands that in today’s business and financial environment, information moves at a lightning pace and timely access to financial data is critical. We know the importance the fund’s management and investors place on the timeliness of financial statements and tax information, especially K-1s. Our firm’s experience coupled with our client service approach means that we deliver financial statements and tax returns on a timely basis. As business advisors and management consultants, we make ourselves accessible to clients around the clock so that we can immediately address challenges as they arise. Our clients know that we are never more than a phone call or e-mail away. Information Technology Anchin’s professionals look at your whole business as tax specialists, auditors, operational management specialists, and information technology consultants. We look beyond the numbers to help our clients optimize their operations and value through the effective use of information, manpower, intellectual capital, and strategic planning. We see technology as a critical part of a successful business and take steps to help clients integrate their information systems with tax planning, financial reporting audits and operational and management strategies to minimize costs. With this comprehensive perspective, we are able to identify cost-effective, pragmatic solutions to our clients’ business concerns. Our senior tax advisors have worked closely with our information systems consultants to develop state-of-the-art software packages designed to streamline operations and to integrate tax planning into operational decisions. We receive electronic downloads of client information from many brokers and administrators. Our internal systems then analyze the data and tailor it to our requirements, allowing us to use our manpower more efficiently. Our proprietary tax Schedule K-1 package provides our clients with a clear, concise reconciliation of each component of income and deduction necessary for investors and their advisors to understand the tax ramifications of the investment. Our custom tax layering program has set a standard for the industry. It enables the most equitable form of tax allocation among partners of investment partnerships. This software effectively allocates taxable income to those partners who realized the economic benefit. It ensures that no individual will be charged with, or benefit from, an inequitable amount of taxable realized gains or losses. Tailored Services: Investment Funds Our approach is to tailor our services to suit our clients’ needs. Some of our clients need full bookkeeping support, while others require only quarterly or annual financial statements and tax compliance services. On a recurring basis, we prepare financial statements, conduct financial statement audits, and perform in-depth operational audits from a system analysis viewpoint. Our experience gives us a thorough understanding of the unique aspects of the financial services industry and enables us to conduct an efficient and cost-effective audit as well as provide valuable advice to management. All of our tax work with our clients is geared to maximizing tax benefits. Our tax services include strategic tax planning in addition to the preparation of required annual tax returns. We can assist clients in estimating all components of income and expenses before year-end, so that all investors can conduct their personal tax planning in a timely manner. Throughout the year, we assist our clients in identifying new tax opportunities and utilizing new techniques. Our focus on the impact of constantly changing tax laws enables us to be responsive to our clients’ needs. We also assist our clients with tax examinations and other governmental inquiries and correspondence. We have been instrumental in the formation of new funds. We work directly with the funds’ attorneys to create a structure that will maximize tax benefits and promote the efficient operation of the entity. Some common areas of concern include:
In addition, we are involved in issues pertaining to on-going operations such as the allocation of “New Issue” income, the determination of “Unrelated Business Taxable Income,” and the termination of the fund or redemption of its investors. Anchin strongly believes that the professionalism and aesthetics of information presented to the investor of an investment fund significantly reflects on management. Therefore, we have spent a considerable amount of time and effort to create a proprietary tax information package which:
Tailored Services: Broker/Dealers Broker/dealers operate within an intricate framework of regulatory reporting requirements. The Securities and Exchange Commission (SEC), The Financial Industry Regulatory Authority (FINRA), The Commodity Futures Trading Commission (CFTC), and other regulatory agencies have adopted rigorous standards regarding operating procedures and controls, as well as strict reporting deadlines. As industry specialists, we realize that meeting these required filing dates on a timely basis requires an in-depth understanding of these rules and regulations. In addition, it demands that we are vigilant in monitoring which transactions and investment vehicles will trigger additional reporting responsibilities. Our policy of maintaining continuous contact with our clients keeps us abreast of new developments. On a quarterly basis, we will read each client’s interim FOCUS report to identify potential net capital deficiencies or other regulatory issues. Annually, we perform the procedures necessary to issue an internal control report, as required by the SEC. This report documents that the broker/ dealers’ operations are in compliance with certain regulatory requirements. Another key factor in our client service strategy is our understanding of the inherent complexities in modern securities trading in both domestic and international markets. We have contacts with all of the industry’s major clearinghouses and transfer agents. When necessary, we can assist our clients in finding correspondent firms that fit their needs. We believe that business tax planning is essential to every entity. Our engagement team is constantly monitoring all substantial business decisions and trading activities to assist our clients in evaluating the tax implications of their various investment strategies. Tailored Services: Mutual Funds and Other Registered Funds Mutual funds and other funds which are registered with the SEC operate under their own set of rules and regulations, encompassing accounting, auditing and tax compliance. We offer a full range of services to support the requirements of mutual fund managers and are capable of getting to the heart of complex tax concepts. We are involved at the outset as our clients establish new funds and various instruments and strategies are considered. We are well-versed in those rules and regulations. We review existing procedures to identify weaknesses in maintaining adequate control over record-keeping and shareholder accounts. If necessary, we perform additional testing in any areas of concern and will issue management reports which discuss our recommendations for enhancement. As required, we meet regularly with the fund’s audit committee to discuss our audits and other findings. In addition to verifying that each portfolio has complied with the tax requirements that enable it to qualify as a Regulated Investment Company, our tax services include testing compliance as well as the preparation of required annual tax returns. We also review our clients’ calculations to confirm that the timing and amounts of distributions meet IRS requirements. Tailored Services: Back Office Services and Special Procedures In addition to our traditional role as auditors, we offer a full range of services designed to assist in back-office administration for funds, family offices, or other investment vehicles. Through the use of proprietary software, customized for each client, we report on performance of investments and the allocation of income to the members of different tiers. As a PCAOB registered and inspected firm, we are qualified to perform the surprise audits and other services required for fund managers who are deemed to have custody of client assets under the rules of the SEC. International Expertise The advent of modern communications technology has globalized the financial services industry. Information flows around the planet in nanoseconds and markets can react just as quickly. As part of the global financial community, we are cognizant that many of our U.S. clients have a sizable constituency of foreign investors. Our international clients include expatriate U.S. citizens, as well as foreign companies and citizens, who are either conducting business or accumulating assets inside and outside the United States. Analytical Reporting Anchin is prepared to issue a variety of analytical reports for our clients including present and past performance, asset allocation, cumulative returns, market segment analysis, and more. Often these analyses are presented as customized charts, graphs, and diagrams that are both informative and easy to understand. These aids are commonly used for present and potential investors, vendors, suppliers and lenders. Crederian Fund Services LLC Anchin is affiliated with Crederian Fund Services LLC, a full-service fund administrator for the financial services community. The founding principals, who have over 50 years of combined experience, designed Crederian with the primary purpose of partnering with the investment manager and providing the highest level of service. Crederian is staffed with seasoned accountants, not clerks, to ensure a significantly higher level of understanding and service than its competitors. Their experience, combined with the relentless determination to meet the individual needs of clients, sets Crederian apart. Please visit www.Crederian.com for more information. Anchin, Block & Anchin (Cayman) Ltd. In compliance with the requirements of the Cayman Islands Monetary Authority (CIMA), Anchin established an affiliate in the Cayman Islands, Anchin, Block & Anchin (Cayman) Ltd., to provide audit services to funds registered in the Cayman Islands. The launch of the affiliate recognizes the fact that the Cayman Islands have developed in recent years into one of the most popular jurisdictions for offshore funds. Anchin Cayman has been approved as an auditor by CIMA, the Cayman Islands Monetary Authority, the financial regulatory agency of the Cayman Islands. With the depth and breadth of services provided by Anchin’s Financial Services Practice, it is clear why Anchin has emerged as a leader in providing auditing, accounting and tax services to the financial services community. The practice currently serves more than 400 investment funds, funds-of-funds, mutual funds, broker/dealers and investment advisers.
To learn more about what Anchin Financial Services Group can do for you, call 212.840.3456. Click here to view a list of Group Members.
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