Hedge Fund Awards 2015 www.acquisition-intl.com 42 Best Hedge Fund Administrator - USA Woodfield Fund Administration Woodfield Fund Administration is a privately held company that provides comprehensive administration services to private investment funds. Andrew Jones, Vice President, Business Development, told us why the firm continues to go from strength to strength Woodfield Fund Administration serves over 100 funds located in the US and around the world, with clients ranging from small start-up funds to managers in excess of US$1bn in assets under management, and representing a diverse mix of strategies and structures. The firm provides a full suite of services to its clients, including: fund accounting, middle office, investor services, audit and tax management, financial reporting services, and shadow administration. Woodfield has distinguished itself by offering an extraordinary combina- tion of service and technology to its clients that other administration firms, particularly the largest ones, have difficulty matching, says Andrew Jones, Vice President, Business Development. “Unlike many large admin firms, we only employ degreed accountants in our accounting department and more that 80% of them are CPAs. This is in contrast to many large firms that view the accounting process as largely a function of technology. Although we view technology as important, there is no substitute for having a well-trained and highly competent individual managing the process. “We are also unique in our organisational structure and how it contrasts with larger firms. Most organisations tend to compartmentalise various functions so that various people are doing the work on a single fund. This is similar to an assembly line in a manufacturing plant and is the most efficient approach if the goal is maximising profits. If the goal is to maximise quality, as it is here at Woodfield, then the best approach is to have an expert accountant managing the entire accounting process from A to Z. This also benefits the client in that they always know exactly who to contact if they have a question or an issue. It also causes people to take more ownership of their work which enhances quality. Finally, it makes the job more rewarding for the accountant which is why we have lower turnover.” Asked if there is a specific example of its recent work that demonstrates what is special about Woodfield, Jones says that, while the firm has been providing audit draft preparation services for many years, due to recent regulatory announcements audit firms are required more than ever to be removed from the initial drafting of the annual audit for independence purposes. “This has resulted in many funds seeking assistance from Woodfield to prepare their in- itial draft financials -- including footnote disclosures and financial highlights.” Hedge funds today The hedge fund space is always evolving, and, says Jones, Woodfield has evolved with it. “Funds are under more pressure than ever before from in- vestors, counterparties and regulators,” he says. “There has been increased demand for transparency, new reporting requirements, FATCA, Form PF and requirements for funds under AIFMD which has resulted in increasing demands on fund administrators. We must be highly adaptable to these rapidly developing needs and look for ways to help our clients through this dynamic period.” The hedge fund industry is growing, but more slowly than it has in the past, says Jones. “Both governments and institutional investors have pushed fund managers to new heights in transparency. Perhaps one challenge the industry will face is the difficulty for smaller fund managers to launch and grow funds.” Hedge funds are often viewed in a negative light by those outside the industry, which Jones attributes to a poor understanding among the general public. “There is a substantial amount of misinformation regarding private investment funds that is accepted as fact by the general public and in many cases our elected representatives,” he says. Recognising success Woodfield is honoured to be named Best Hedge Fund Administrator – USA in the Hedge Fund Awards, says Jones. “We work hard to provide our clients with the exceptional service and are gratified that our efforts have been recognised by a leading industry authority.” Such awards drive home the point that fund administration is not a commod- itised product, Jones says. “There are significant differences in the speed, quality, accuracy and comprehensiveness with which administration services are delivered that have a major impact in the service received by fund man- agers. Awards such as this underscore those very real differences. He attributes Woodfield’s success in the Awards to the firm’s approach to its work – an approach that results in a much higher level of quality for clients. “Additionally, Woodfield has a unique internal culture that is focused on quality, responsiveness and customer service. This results in an extraordinary service experience for our clients that is also noticed by other participants in the industry such as auditors, compliance professionals and attorneys. So it’s not a particular project but rather a high level of excellence on an on-going basis that has caused our clients and peers to recognise us.” Looking to the future, Jones says Woodfield’s plans for the next few years are the same as they have been since the firm’s inception in 2005. “We seek to continually improve the quality of our product, which means continually improving our staff, procedures and technology to meet the ever changing needs of our clients.” n Tel: +1 847 255 3500 Email:
[email protected] Website: www.woodfieldllc.com Address: 3601 Algonquin Road, Suite 900, Rolling Meadows, Illinois 60008 USA Address: 1 North Wacker, Suite 2150, Chicago, Illinois 60606 USA Fact File Best Hedge Fund Administrator - USA