SEI has unveiled a new service that assists SEC-registered investment advisers of private funds in meeting their Form PF obligations.
Form PF was recently jointly adopted by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It requires SEC-registered advisers to hedge funds and other private funds with at least USD150 million in private fund assets under management to report information to the Financial Stability Oversight Council (FSOC) to enable the FSOC to monitor risk to the US financial system.
Having worked closely with industry consultants and after performing considerable analysis, SEI has developed a new service designed to help private fund managers minimise the time and costs involved in satisfying the voluminous disclosure requirements demanded by Form PF. SEI maintains a large portion of the core portfolio-related information to be reported on Form PF, including position and transaction level data. Depending on the investment manager’s legal structure, strategies, complexity, and other requirements, SEI’s solution ranges from data management and transmission to data aggregation and reporting.
“Form PF calls for a level of disclosure that is unprecedented in the private funds industry,” says Phil McCabe, Senior Vice President and Solution Head, SEI’s Investment Manager Services division. “Although Form PF is legally complex and operationally challenging, SEI’s robust multi-asset class data management process, pulling from multiple accounting engines, will help private fund managers deliver accurate and properly aggregated data to the regulators.”
While the required data can be produced in a Form PF template to accommodate the regulators’ specific requirements, the data will also be available to SEI’s clients via its proprietary Manager Dashboard reporting tool for additional analysis and retention.
SEI’s Form PF service offering is available to all of its investment manager services clients.