The Darien-based Start U Up LLC has introduced a new product offering and joint venture.
Jeffrey Glick, founder and president of Start U Up, said, "TBOS was created to help start-up and emerging managers (hedge and private equity) who struggle to keep up with investors' demand for more rigorous internal controls in the effort to mitigate operational risk. Limiting operational risk has become more important in the post-Madoff environment. During investor due diligence, questions are raised about the review process for the monthly/quarterly/annual reports. Managers with a small staff may not have the time, software, nor the expertise to properly review the administrator's reports in detail."
TBOS services will include an independent calculation of a fund's NAV, prepare and/or reconcile investor statements and reconcile to the fund's administrator. TBOS will add incremental "best practices" steps to a manager's monthly review.
Kristin Steele, head of marketing and business development for ISIS, added that "ISIS will be able to provide a fund manager with an extra layer of internal control at an affordable price, therefore eliminating the need to hire fund accounting staff and purchasing expensive portfolio accounting software. Using leading industry portfolio accounting software, ISIS is able to download trades and market prices simultaneously with the administrator. A reconciliation report will be prepared and presented to fund management at the end of each reporting period."
In addition, TBOS will calculate and reconcile private equity fund waterfall calculations, limited partner capital/unfunded commitment balances, as well as key metrics.
Glick and Steele agree that the more robust internal controls will be critical in helping clients differentiate from other fund managers in the ever increasing competitive landscape of fundraising.
For information, visit www.startuup.net.