Gemini Fund Services, a provider of pooled investment solutions, has been chosen by Leonard Asset Management to act as its full-service hedge fund administrator.
Gemini will provide administration, compliance and regulatory advisory services.
"Investors and financial advisers are demanding investment options that provide full disclosure of holdings and valuations, increasing the need for hedge fund solutions that enable greater, automated fund structure and transparency," says Andrew Rogers, president of Gemini.
"No matter what kind of investment vehicle a client chooses to bring to market, whether a mutual fund or hedge fund, Gemini provides daily reconciliations and accounting reports for simple and complex investment vehicles, allowing improved transparency for advisers and investors alike."
Leonard Asset Management, a provider of alternative investments, is under common ownership with Leonard & Company, Michigan’s largest independent brokerage firm.
"Gemini has a reputation for providing valuable experience and insight into the hedge fund industry, making it the ideal partner for Leonard Asset Management’s needs," says Jay B. Howard (pictured), portfolio manager and chief investment officer, Leonard Asset Management. "Gemini’s comprehensive offering enables us to focus on managing our portfolio and entrust the administration, accounting and technology to a highly experienced and established team of hedge fund experts."
As Leonard’s administrator, Gemini will provide a number of transfer agency, accounting and administration services. These include AML verification, maintaining the subscription/redemption account, coordinating the payment of fees and expenses on behalf of the fund, calculation of management and incentive fees, independent valuation, net asset value calculation, cash and asset reconciliation, partnership allocations, and creating a year-end financial statement.
