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Financial Services

An Intelligent Investment

As regulatory scrutiny intensifies and risk becomes increasingly difficult to manage, financial services firms have larger challenges to face.  Anchin’s experts can provide the guidance needed to steer you down the right path. We advise our clients as they implement the latest investment strategies and utilize the most sophisticated financial vehicles providing the appropriate accounting and tax advice to meet their needs. Our services include ensuring full compliance in financial reporting, minimizing tax exposure, consulting on operations, regulatory registration, systems design, and technology solutions. It takes our team of experts who take the time to understand your firm’s tax and financial reporting needs to design strategic, growth oriented solutions.

Whether conditions are volatile or stable, bullish or bearish, nearly 300 hedge funds, mutual funds, broker/dealers and investment partnerships rely on Anchin. Whether they are looking for answers to questions concerning complicated issues, such as the structure of their fund offerings, allocation of realized and unrealized gains and losses, compensation of investment managers, tax treatment of contributed securities, or planning for the distribution of appreciated property and other withdrawals, Anchin is there to support them.

From small, entrepreneurial startups to established funds, Anchin provides high level, high touch service to financial services firms. We are the right sized firm for you – a mid-sized alternative to the Big 4, providing maximum value, senior level guidance and superior service.

To sign up for our Financial Services email list, click here.

Services include:

  • Investment funds
  • Brokers/Dealers
  • Mutual funds and other registered funds
  • Back office services and special procedures
  • International taxation
  • Analytical reporting
  • Private equity
  • Crederian Fund Services
  • Anchin, Block & Anchin (Cayman) Ltd.

“I have worked with Jeff since I launched my hedge fund, Cramer Partners, in 1987. Back then few people knew what a hedge fund was – his understanding and experience with the investment world makes him and his firm an excellent choice for anyone considering starting a fund or mulling a change. Over these past 30 years, Jeff’s advice has been invaluable to me and my business ventures, the growth of my fund and the prosperity and peace of mind of my clients.”

-James J. Cramer, American television personality, former hedge fund manager, and best-selling author. Cramer is the host of CNBC's Mad Money and a co-founder of TheStreet.

Private equity firms of all sizes have continued to show a growing interest in middle market companies. An effective strategy in dealing with complex activities involved in the Mergers and Acquisitions (M&A) process is essential. With over 90 years of experience serving middle market companies, Anchin specializes in responding to the individual needs of private equity firms and portfolio companies. We know where the issues are and the importance of having a dedicated team by your side every step of the way. Our single-office firm allows for efficient access to all of our resources, enabling us to deliver consistently superior work to our clients in a timely manner. Our team of experienced professionals provides in-depth industry knowledge while recognizing that each transaction is unique.

The members of Anchin’s Private Equity Industry Group understand the complications involved in transitioning a newly acquired company to a professionally managed organization. Understanding your investment strategy and knowing your company and team members is one of our specialties. Our team has the pertinent skills and expertise to help you succeed.

Anchin’s Private Equity Industry Group’s expertise extends to many industries, including:

  • Food and beverage
  • Fashion
  • Technology
  • Public relations and advertising
  • Construction, architecture and engineering
  • Services, transportation and logistics
  • Consumer products
  • Manufacturing and distribution
  • Real estate
  • Financial services

Does your company qualify for Research and Development (R&D) tax credits? The financial services industry is an essential component of the U.S. economy, providing liquidity to companies and individuals, responsible for safeguarding and investing assets, and providing insurance allowing businesses to take on additional opportunities in the marketplace. Innovation has long been considered a cornerstone of growth for the industry, leading to new products and processes including new trading applications, new online and mobile banking functionality and automation of previously manual processes. In addition, most companies in the industry have begun to place a greater emphasis cyber security, given the rise in detected incidents.

Anchin’s professionals understand the important role the financial services industry plays in keeping the U.S. competitive in an increasingly global economy. Our industry experience, attention to detail and expert judgment result in accurate, highly defendable tax credit calculations. Our dedicated team includes audit, tax and advisory professionals with years of experience identifying issues and solving problems for every type of business within the financial service industry’s subsectors, including:

  • Banking and capital markets
  • Asset management
  • Insurance

Our financial services industry R&D team ensures that our clients benefit from all of the incentives available to them. Anchin helps clients assess their R&D tax credits at all phases of their business, from the time they first consider a new product, service or functionality (white space evaluation) and throughout the entire software lifecycle. We are particularly skilled and experienced at identifying qualifying projects and initiatives in each area of your business and are experts at examining and capturing all allowable expenses towards your company’s research credit.

Anchin works with clients interested in claiming the R&D tax credit for the first time and those who have difficulty meeting the contemporaneous documentation requirements needed to support their R&D claim. We also assist clients who have had a significant portion of their R&D claim disallowed, and those who need to reassess their R&D tax credit calculation because the nature of their business has changed.

To learn more about Federal and State Research and Development tax credits.

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.

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´s New York office works closely with our affiliate to ensure that the same quality service is provided to those clients requiring an offshore auditor.

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.

  • More than 35 years of experience supporting the Financial Services community
  • Innovative approaches to complex issues
  • Customized client service
  • Efficient and cost-effective audits
  • Design and implementation of optimal tax positions
  • Valuable advisory assistance to management
  • Timely delivery and accessibility to partners
  • State-of-the-art software packages
  • Proprietary tax Schedule K-1
  • Third party administration
  • International expertise and reach

Success Stories

  • Testimonial: Jim Cramer

    "Over these past 30 years, Jeff’s advice has been invaluable to me and my business ventures, the growth of my fund and the prosperity and peace of mind of my clients.”

  • R&D Tax Credits Case Studies: Financial Services

    The following are two case studies which further illustrate the types of projects and activities that will potentially qualify for the R&D tax credit. The…

News

  • SEC Clarifies Three Confusing Situations For The Custody RuleMay 25, 2017

    The SEC’s Custody Rule continues to be a headache for registered investment advisers. The conditions are so unclear, it’s easy to inadvertently trigger custody rule violations. To help advisers adjust, the SEC recently issued clarification for three confusing situations under the rule.

  • SEC Identifies Top 5 Compliance Issues Found in OCIE ExaminationsApril 6, 2017

    Call it a wake-up call for registered investment advisers—the Securities and Exchange Commission (SEC) issued a Risk Alert, highlighting the top five compliance issues found in deficiency letters sent to SEC-registered investment advisers.

  • Tax Update: Proposed Bill Closing Tax Loophole Could be a Boon for Connecticut; IRS Recent Audit Targeting Management Fee WaiversMarch 30, 2017

    The Connecticut state legislature earlier this year proposed a bill that would slap a new 19 percent tax on investment management services fees, also known as “carried interest.” Similar bills are planned, or have been introduced, in other states including New York, New Jersey, Massachusetts and Rhode Island. The Connecticut bill would only be effective if similar bills are passed in these other states.

  • Connecticut Bill Seeking 19% State Surcharge on Hedge Funds Has a TwistMarch 9, 2017

    Bruce McGuire, president of the Connecticut Hedge Fund Association, was attending the Managed Funds Association annual meeting earlier this year in Miami when he started chatting with some of his colleagues about the potential impact of recently proposed legislation in Connecticut that would slap a 19 percent surcharge on hedge funds based in the Nutmeg State.

  • 2017 SEC Examination Priorities Feature Three New Areas of FocusFebruary 2, 2017

    As they have done annually for the last several years, the Securities and Exchange Commission has announced their Examination Priorities.

  • As Curtain Falls on Deferral Era, Investment Fund Managers Brace for ChangesJanuary 25, 2017

    This is not a test. It’s been a long time coming, but the deferral era is about to end. Not with a bang or a whimper, but investment fund managers are scrambling to ensure that any significant amount of pre-2009 deferred fees owed to them are payable during the next 12-13 months. Their livelihoods depend on it.

  • Follow the Bouncing Ball: Newly Revised Cybersecurity Regulations Scheduled for March 1 in New YorkJanuary 17, 2017

    Newly revised cybersecurity regulations for financial service companies in New York are scheduled to take effect March 1, 2017. The effective date for the new rules follows a two-month delay, as the New York State Department of Financial Services (“NYDFS”) made changes to the proposed regulation due to industry concerns.

  • Preparing for Revised Form ADV Taking Effect in 2018December 29, 2016

    Registered investment advisers have started to brace for 2017. They’re creating new offerings and expanding the breadth of their portfolios. However, investment advisers need to think well beyond next year, to the first quarter of 2018. Their livelihoods depend on it.

  • Financial Services Companies Brace for New Cybersecurity RequirementsDecember 14, 2016

    The New York State Department of Financial Services is taking the bull by the horns when it comes to how regulated financial services companies protect themselves and their customers from cyberattacks.

  • 2016 Financial Services Year-End Tax Planning AlertDecember 5, 2016

    With the election of Donald Trump and a Republican control of Congress, tax reform is expected.

  • Anchin, Block & Anchin Recognized as Best North American Accounting Firm in Hedgeweek USA AwardsSeptember 23, 2016

    New York-based Top 100 accounting and advisory firm Anchin, Block & Anchin LLP has once again been named the Best North American Accounting Firm in the annual Hedgeweek awards. This award reinforces Anchin’s status as a leader in the Financial Services industry.

  • Net Worth Threshold for “Qualified Clients” Increased by SECJuly 28, 2016

    The U.S. Securities and Exchange Commission (“SEC”) has decided to increase the net worth test threshold for “qualified clients” effective August 15, 2016.

  • Chapter 1: Legal & tax structuringMay 16, 2016

    Jeffrey I. Rosenthal, Partner-in-Charge of Anchin's Financial Services Practice explains some of the criteria for making fund structuring decisions.

  • Financial budgeting: One chance to succeedMay 16, 2016

    Jeffrey I. Rosenthal, Partner-in-Charge of Anchin's Financial Services Practice talks about planning a hedge fund launch.

  • Anchin, Block & Anchin Recognized as Best Global Accounting Firm for Sixth Consecutive Year in Hedgeweek AwardsMarch 9, 2016

    Top tier accounting firm Anchin, Block & Anchin LLP has received Hedgeweek’s Best Global Accounting Firm award for the sixth consecutive year.

  • New Tax Audit Rules Constitute a Radical Change for PartnershipsJanuary 27, 2016

    Late in 2015, Congress passed the Bipartisan Budget Act of 2015 (the Act), which includes a complete overhaul of the procedures that apply to Internal Revenue Service (IRS) audits of partnerships and limited liability companies (LLCs) taxed as partnerships and their partners.

  • 2016 SEC & FINRA Exam PrioritiesJanuary 25, 2016

    The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have released their Exam Priorities for 2016. Each of the regulators have organized their focus around a number of key issues.

  • FinCEN Proposes Rules for Investment Advisers to Establish Anti-Money Laundering ProgramsOctober 16, 2015

    On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) published a Notice of Proposed Rulemaking (the "Proposed Rule") that would require certain investment advisers registered with the U.S. Securities and Exchange Commission to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN under the Bank Security Act (the "BSA").

  • Cybersecurity AlertFebruary 10, 2015

    This past week saw a flurry of alerts regarding cyber security from both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) underscoring the emphasis on cybersecurity across all areas of the financial services industry for both institutions and investors.

  • 2015 SEC Examination Priorities AnnouncedJanuary 20, 2015

    Last week, the SEC announced its examination priorities for 2015. Three themes highlighted the areas of focus for the SEC’s Office of Compliance Inspections and Examinations ("OCIE"): Protection of retail investors and investors saving for retirement, assessing market-wide risk and using enhanced data analysis to identify those engaged in potential illegal activity.

  • 2014 Financial Services Year-End Tax Planning AlertDecember 3, 2014

    The November 4 midterm elections resulted in a shake-up on Capitol Hill that will put Republicans in charge of both the House and the Senate when 114th Congress convenes in January 2015. In the meantime, tax reform and tax extender discussions have taken a back seat to the election of party leaders in the House and Senate as well as leadership changes to the various tax-writing committees.

  • Custody Rule Update: Guidance for SPVs and EscrowsJuly 14, 2014

    The Division of Investment Management of the Securities and Exchange Commission (the "SEC") provided an Investment Management Guidance Update (the "Update") regarding the Custody Rule (Rule 206(4)-2) under the Investment Advisers Act of 1940, as amended (the " Custody Rule").

  • Revenue Ruling 2014-18 – New Possibilities to Defer Offshore Compensation of Hedge Fund Managers and EmployeesJune 30, 2014

    On June 10, 2014, the Internal Revenue Service issued a ruling holding that non-statutory (or nonqualified) stock options ("NSO") and stock-settled stock appreciation rights ("SARs") are not subject to Internal Revenue Code Section 457A ("Section 457A").

  • SEC Announces Initiative Directed at Never-Before Examined Registered Investment AdvisersMarch 3, 2014

    The Securities and Exchange Commission announced that its Office of Compliance Inspections and Examinations (OCIE) is launching an initiative directed at investment advisers that have never been examined, focusing on those that have been registered with the SEC for three or more years.

  • SEC Examination Priorities for 2014February 12, 2014

    The Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations recently published the priorities of its National Exam Program (NEP) for 2014. Under this program, the SEC conducts examinations of registered entities, including broker-dealers, transfer agents, investment advisers, investment companies, the national securities exchanges, clearing agencies, self-regulatory organizations, municipal advisors, and others.

  • FATCA – “Ready or Not” – Online Registrations Can be Finalized and SubmittedJanuary 23, 2014

    Under the Foreign Account Tax Compliance Act (FATCA), withholding agents must withhold tax on certain payments to Foreign Financial Institutions (FFIs) that do not agree to report certain information to the IRS about their U.S. accounts, including the accounts of certain foreign entities with substantial U.S. owners. An FFI may agree to report certain information about its account holders by registering to be FATCA compliant.

Whitepapers

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Videos

  • Hedge Fund Compliance: Best Practices September 6, 2016

    What steps can hedge funds take, especially in the start-up phase, to set themselves up for success? Jeffrey I. Rosenthal, Partner-in-Charge of Anchin, Block &…

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