FUND

ADMINISTRATION
SERVICES
FEBRUARY 2017
CONFIDENTIAL
 OVERVIEW

TABLE OF CONTENTS

03 09 14
OVERVIEW CLIENT PROFILES CORE SERVICE OFFERING
• Horseshoe at a Glance • Fund Structures • Our Services at a Glance
• Our Differentiators • Fund Strategies • Pre-Launch Advisory and Investor
• Our Team • Security Types Supported Services / AML
• Middle Office and Fund Accounting
Services

20
• Cash Administration and Corporate

25 Services
• Regulatory Reporting
TECHNOLOGY & REPORTING CONTACT INFORMATION
• Technology Platform • Contact Us
• Integrated Web Reporting Platform
• Daily Portfolio Analytics
• Business Continuity and Disaster
Recovery

HORSESHOE FUND SERVICES | Confidential 2

OVERVIEW
 OVERVIEW

HORSESHOE AT A GLANCE

HORSESHOE FUND SERVICES IS A LEADING AWARD-WINNING FUND

ADMINISTRATOR PROVIDING SERVICES TO HEDGE, PRIVATE EQUITY
AND INSURANCE LINKED SECURITIES ASSET MANAGERS

• The Horseshoe Group was founded in 2005 and is the largest independent insurance management
and advisory firm dedicated to reinsurance / insurance linked securities market
• Horseshoe Fund Services (formerly IKONIC Fund Services) was founded in 2007 and was acquired
by the Horseshoe Group in June 2016
• The Horseshoe Group has 110 clients across its insurance and fund administration divisions with
total assets under administration exceeding $22 billion
• The Horseshoe Group is owned by the executive management team with, on average, 20 years
direct experience in the administration of hedge, private equity and ILS focused structures
• The Horseshoe Group has a global presence with 70 employees located between our Bermuda,
United States, Cayman Islands, Gibraltar and Sri Lanka offices
• Horseshoe Fund Services uses best of breed technology and has a SOC1 Type II controls
environment

$22B 70+ 145+ 2005

GROUP ASSETS UNDER MEMBERS ON THE FUNDS RECEIVING FULL FOUNDED OVER 10
ADMINISTRATION HORSESHOE TEAM FUND ADMINISTRATION YEARS AGO
SERVICES

HORSESHOE FUND SERVICES | Confidential 4

 OVERVIEW
IKONIC FUND SERVICES ACQUISITION
WITH A SIGNIFICANT INCREASE IN BOTH ASSETS UNDER
ADMINISTRATION AND STAFF, WE ARE A LARGER GLOBAL GROUP
WITH A COMPREHENSIVE OFFERING FOR HEDGE FUND, PRIVATE
EQUITY AND ILS-FOCUSED CLIENTS
HORSESHOE FUND SERVICES | Confidential
“
We have partnered successfully with
IKONIC since 2011 through our joint
venture fund administrator, ILS Fund
Services, providing fund
administration and actuarial
valuation services to ILS funds;
therefore joining our respective
teams is a natural progression. From
the perspective of Horseshoe's
existing clients, we are very excited
to be able to offer a one stop shop
for our clients that require both
insurance and fund related services.
In respect to IKONIC's clients, the
combined companies will enable us
to provide a larger global reach, a
broader service offering and a
stronger senior management team
focused on delivering top notch
service. Over the years Horseshoe
has built relationships with a large
number of institutional asset
managers and investors which we
expect will bring value to our newly
acquired fund administration
business and its future growth.”
ANDRE PEREZ, CEO
5
 OVERVIEW

OUR DIFFERENTIATORS

OUR APPROACH HAS BEEN DESIGNED FOR YOUR MOST IMPORTANT

ASSET: YOUR INVESTORS

QUALITY AND TECHNOLOGY &

CONTROLS REPORTING

EXPERIENCED TEAM CUSTOMIZATION & PLATFORM

FLEXIBILITY SCALABILITY
Our clients are We pride ourselves on
assisted first by our Our platform is highly
customizing solutions scalable and will expand
senior executives, who Leveraging our for our clients. A key We have integrated
average 20+ years of and adapt as your
team’s institutional component of proprietary straight service and investor
experience and are financial services implementing the right through processing
supported by the needs change. We cater
experience, we have platform is reflected in technology with leading to all types of investors
Horseshoe team of built a firm with our ability to remain fund administration
highly qualified and their requirements –
institutional quality flexible and provide our software to provide our from high net worth and
industry professionals. controls while clients the answers that clients and their
Our hiring standards family offices to large
maintaining a culture solve their needs in a investors with efficient, institutional investors.
are some of the of providing clients customized fashion smart and customized
highest in the industry, We also scale our
with a responsive and reporting services as your fund
resulting in a client- solutions focused
first culture with low assets under
service management grow.
turnover

HORSESHOE FUND SERVICES | Confidential 6

 OVERVIEW

OUR PHILOSOPHY IS SIMPLE

We focus on being
responsive to your needs
and innovative in our
approach. We provide
value and professional
expertise at the highest
level. Without exception,
we strive to exceed your
expectations.

HORSESHOE FUND SERVICES | Confidential 7

 OVERVIEW

WE SEEK SOLUTIONS AS YOUR BUSINESS PARTNER

OUR EXPERIENCED MANAGEMENT TEAM IS COMMITTED TO PROVIDING A

CLIENT-FIRST SERVICE

ANDRE PEREZ BRENTON SLADE NIGEL GODFREY

Chief Executive Officer
25+ years experience
Alea Bermuda, Overseas
Partners Re Ltd., KPMG
Bermuda
Chief Operating Officer Chief Financial Officer
20+ years experience 30+ years experience
Flagstone Reinsurance, Scandinavian Re, Sedgwick
West End Capital
Management

EDITH CONYERS BRIAN DESMOND JANE LEWIS

Chief Administrative Officer EVP, Head of Fund Services Head of Compliance
30+ years experience 20+ years experience 20+ years experience
Citigroup Fund Services Citigroup Fund Services Citigroup Fund Services
Bermuda Bermuda Bermuda

RODNEY DAVIES SCOTT BURNS MIKE GENTILE

Chief Technology Officer Senior Vice President Senior Vice President
12+ years experience 25+ years experience 15+ years experience
Citigroup Fund Services JP Morgan and Schroders Citi Hedge Fund Services
Bermuda Bermuda Ltd.

NEIL MACGUINESS ASHA FURBERT LYNNIECE ROBINSON

Senior Vice President Senior Vice President Head of Corporate Services
15+ years experience 20+ years experience 25+ years experience
Citi Hedge Fund Services Citigroup Fund Services HSBC Securities Services
Bermuda

HORSESHOE FUND SERVICES | Confidential 8

CLIENT PROFILES
 CLIENT PROFILES

FUND STRUCTURES

OUR SOPHISTICATED PLATFORM SUPPORTS A WIDE SPECTRUM OF

CLIENT PROFILES AND FUND STRUCTURES
SUPPORTED STRUCTURES
CLIENT PROFILES

• Our clients range from $5 million emerging managers

to institutional managers with over $1 billion in assets UNIT TRUST / PRIVATE EQUITY
SPECIAL / HYBRID
under management PURPOSE TRUST STRUCTURES
• Our clients investor profiles include high net worth,
family office and institutional investors
• Our clients invest in plain vanilla and esoteric
strategies and the trade volumes can be minimal to SEGREGATED LIMITED
ACCOUNT PARTNERSHIPS
thousands of trades daily COMPANY

WE SUPPORT A VARIETY OF FUND STRUCTURES

MINI MASTER / MASTER /
FEEDER FEEDER

HORSESHOE FUND SERVICES | Confidential 10

 CLIENT PROFILES

FUND STRATEGIES

OUR ADVANCED TECHNOLOGY PLATFORM ALLOWS US TO SUPPORT A

MULTITUDE OF FUND STRATEGIES

STRATEGIES SUPPORTED

CTA INSURANCE
CONVERT FUND OF GLOBAL
MANAGED LINKED
ARBITRAGE HEDGE FUNDS MACRO
FUTURES SECURITIES

PRIVATE
LONG / EQUITY /
MARKET MULTI- FIXED
SHORT PRIVATE
NEUTRAL STRATEGY INCOME
EQUITY EQUITY FUND
OF FUNDS

HORSESHOE FUND SERVICES | Confidential 11

 CLIENT PROFILES

SECURITY TYPES SUPPORTED

OUR PLATFORM OFFERS SUPPORT FOR A WIDE VARIETY OF TRADING

REQUIREMENTS

VANILLA EXOTIC

EXCHANGE TRADED INSURANCE LINKED SIMPLE

OTC SECURITIES PRIVATE SECURITIES
SECURITIES SECURITIES

• Equities • FX (Spots, • Collateralized • Fund of Funds

Forwards, Options) Reinsurance
• Fixed Income • Buyout and Venture
• Fixed Income • Industry Loss
• Equity Derivatives Warranties • Real Estate
• Repos
• Futures • Sidecars • Peer-to-Peer
• Swaps Lending
• Quota Shares

COMPLEX

HORSESHOE FUND SERVICES | Confidential 12

 CLIENT PROFILES

EXTRAORDINARY CLIENT FEEDBACK

“Simply put, we could not

have launched our fund
without Horseshoe. Their
knowledge of all the
administration areas along
with their flexible, problem-
solving approach made our
jobs so much easier. From
top-to-bottom they are
highly competent - and fun
people to work with. True
partners.”

HORSESHOE FUND SERVICES | Confidential 13

CORE SERVICE
OFFERING
 CORE SERVICE OFFERING

OUR SERVICES AT A GLANCE

A COMPREHENSIVE SERVICE OFFERING THAT ADDRESSES EACH

OPERATIONAL TOUCHPOINT IS ESSENTIAL IN TODAY’S INCREASINGLY
COMPLEX AND REGULATED ENVIRONMENT

INVESTOR FUND CORPORATE

SERVICES / AML ACCOUNTING SERVICES

PRE-LAUNCH ADVISORY MIDDLE OFFICE CASH ADMINISTRATION REGULATORY

SERVICES REPORTING

HORSESHOE FUND SERVICES | Confidential 15

 CORE SERVICE OFFERING
PRE-LAUNCH ADVISORY AND INVESTOR SERVICES/AML
WE TAKE A COMPLIANCE FIRST APPROACH TO ONBOARDING NEW
CLIENTS AND REVIEWING INVESTOR TRADE REQUESTS
PRE-LAUNCH ADVISORY SERVICES
• Consult on fund structures and accounting best
practices from an operational perspective
• Review offering memorandum and fund documents
and liaise with counsel to incorporate suggested
changes
• Provide one point of contact that facilitates the
onboarding process to finalize fund documents,
open bank accounts and collect KYC
documentation
• Make thoughtful introductions to service providers
including prime brokers, custodians, lawyers, audit
firms and independent directors
• Advise on Valuation and Side Pocketing Policies
HORSESHOE FUND SERVICES | Confidential
INVESTOR SERVICES / AML
• Review investor subscription agreements and
supporting documents from an AML / ATF and CRS,
US and UK FATCA compliance perspective
• Process subscriptions / contributions and
redemptions / withdrawals in accordance with the
fund offering documents
• Facilitate the transfer of subscription / contribution
monies to the fund’s prime broker account and also
arrange payment for authorized redemptions /
withdrawals in compliance with AML / ATF policies
• Report to investors on a periodic basis regarding
trade confirmations and statements
16
 CORE SERVICE OFFERING
MIDDLE OFFICE AND FUND ACCOUNTING SERVICES
WHETHER YOUR FUND IS A LONG-STANDING CLIENT OR NEW TO OUR
PLATFORM, OUR TEAM DILIGENTLY PROVIDES A CUSTOMER-FIRST
EXPERIENCE
MIDDLE OFFICE
• Reconcile portfolio positions, activity and cash with
prime brokers and custodians on a daily basis
• Automate the import of daily portfolio pricing from
third party data vendors
• Process corporate actions and trade breaks on a
daily basis
• Ability to report P&L to clients on a T+1 basis
HORSESHOE FUND SERVICES | Confidential
FUND ACCOUNTING
• Calculate net asset values for onshore and offshore
funds
• Reconcile portfolio positions, activity and cash with
clients, brokers and custodians and independently
value securities utilizing third party pricing sources
• Resolve all trade breaks with prime brokers and
make adjustments for corporate actions
• Prepare period and year end fund financial
statements
• Coordinate and support the annual audit process
17
 CORE SERVICE OFFERING
CASH ADMINISTRATION AND CORPORATE SERVICES
A STRONG, CONTROLS-CENTERED OPERATIONAL ENVIRONMENT GIVES
YOU PEACE OF MIND
CASH ADMINISTRATION
• Establish and maintain bank accounts through
relationships with our banking partners
• Disburse payment of approved third party fees and
expenses incurred by the fund
• Facilitate the payment of duly authorized
redemptions
• Facilitate the transfer of subscription monies to the
fund’s prime broker or custodian account(s)
HORSESHOE FUND SERVICES | Confidential
CORPORATE SERVICES
• Liaise with legal counsel on creation / amendment
of constitutional and offering documents
• Comply with all legislative and regulatory
requirements including the requirements of any
stock exchange
• Organize and attend meetings with the Board of
Directors by preparing meeting notice and agenda,
distribute meeting materials, record decisions,
prepare and finalize the meeting minutes
• Assist with annual reporting process including filing
resolutions with the Registrar of Companies and
other regulatory bodies
18
 CORE SERVICE OFFERING

REGULATORY REPORTING

WE MEET THE NEEDS OF OUR CLIENTS’ REGULATORY REPORTING

OBLIGATIONS THROUGH PARTNERSHIPS AND BESPOKE SOLUTIONS

CRS reporting to exchanges

identified for specific
jurisdictions

U.K. and U.S. FATCA

reporting for Model 1 and
REGULATORY REPORTING Model 2 Provision of
Registered Office for
Bermuda and Cayman
• Through a partnership with IHS Markit CTI, our entities
clients are provided with a solution to comply with
FATCA and CRS reporting requirements in any
jurisdiction GLOBAL
REGULATORY
• Report composition tools in the core accounting
REQUIREMENTS
and portfolio platform allows for the completion of
Form PF Level 1
• Professional Corporate Services team well versed in
the reporting requirements of various offshore Completion of Form PF Coordination of filing
jurisdictions including Bermuda, the British Virgin Level 1 information annual returns and
Islands and the Cayman Islands that can assist with payment of annual fees
for offshore fund
preparing and filing annual returns and maintaining structures
the statutory registers, among other services Facilitate Bermuda Stock
Exchange listings as an
approved listing sponsor

HORSESHOE FUND SERVICES | Confidential 19

TECHNOLOGY AND
REPORTING
 TECHNOLOGY AND REPORTING

TECHNOLOGY PLATFORM

WE HAVE INTEGRATED PROPRIETARY TECHNOLOGY WITH LEADING

FUND ADMINISTRATION SOFTWARE TO PROVIDE A TRUE STRAIGHT
THROUGH PROCESSING SOLUTION

DATA CAPTURE
• Pricing Feeds
• Broker Feeds STRAIGHT THROUGH
• Counterparty Feeds PROCESSING
FULLY INTEGRATED

• Static Data Feeds • Feed Monitoring

• File transformation
• Trade Capture

FULLY INTEGRATED
• Position Capture
PFS-PAXUS • Reconciliation

• Fund Accounting
• Portfolio Accounting
• Investor Services
• CRS and FATCA REPORTING
Compliance
• IKONNECT Web
Portal
• Portfolio Analytics
Portal
• NAV Reporting
TECHNOLOGY PLATFORM • Regulatory
CLOUD BASED Reporting
• Investor Reporting

HORSESHOE FUND SERVICES | Confidential 21

 TECHNOLOGY AND REPORTING

INTEGRATED WEB REPORTING PLATFORM

YOUR INFORMATION AT YOUR FINGERTIPS THROUGH OUR WEB

REPORTING TOOL: “IKONNECT”
WEB PORTAL DASHBOARD

24/7 ACCESS
• Investors have the ability to view a full history of their holdings, transactions
and contract notes

• Asset managers can view and run a wide range of reports on a real-time or
delayed basis such as portfolio, valuation, investor reports and financial
statements

• Full document library where a history of reports and documents are housed
from when the fund became a Horseshoe client or from an investor’s initial
investment in the fund
TRIAL BALANCE REPORT
TRANSPARENCY REPORTING
• IKONNECT’s flexible functionality provides investors with the proper
authorization, access to view the fund’s overall fund portfolio positions and
balance sheet on a time lag basis

ADAPTABLE
• All data and reports are easily exportable to Excel, Word or PDF

HORSESHOE FUND SERVICES | Confidential 22

 TECHNOLOGY AND REPORTING

DAILY PORTFOLIO ANALYTICS

OUR WEB BASED INDUSTRY LEADING PORTFOLIO ANALYTICS

REPORTING TOOL IS ACCESSIBLE ANYWHERE, ANY TIME OF DAY
DAILY PORTFOLIO ANALYTICS PLATFORM POWERED BY PORTFOLIO AMALFI™ HIGHLY CUSTOMIZABLE
Asset managers can, in a few clicks,
create and modify data and report views.
The flexibility of the reporting tool
enables a user to link views to formula
libraries, tag positions and other data
with custom attributes, setup filtering
rules, drill down to underlying trade and
lot information and aggregate positions
by numerous specifications

EFFICIENCIES CREATED
All reports can be created on a real time
basis by the user which eliminates the
time wasted waiting for the report vendor
to create a specific report

INCREASED TRANSPARENCY COMPETITIVE DIFFERENTIATOR

The nimbleness of the Portfolio Amalfi™
reporting tool provides crucial on-demand
portfolio information for users, regardless
of their location, as Portfolio Amalfi™ can
be accessed on a computer, iPad and
other devices
HORSESHOE FUND SERVICES | Confidential
The dynamic portfolio reporting tool is a
powerful competitive differentiator that can
effectively be utilized in investor meetings to
showcase a fund’s historical performance
against a benchmark, sector weightings and
portfolio composition, among other important
portfolio attributes
23
 TECHNOLOGY AND REPORTING

BUSINESS CONTINUITY & DISASTER RECOVERY

IN THE EVENT OF A BUSINESS DISRUPTION, WE HAVE PUT IN SAFEGUARDS TO

MINIMIZE DOWNTIME

INFRASTRUCTURE
IT infrastructure is fully cloud
based and is managed by a
hosting provider. The servers
are replicated on a daily basis
from the primary datacenter
in Montreal, Canada to the
disaster recovery datacenter
in London, United Kingdom

FACILITIES
OPERATIONS / Given our global footprint and
STAFF cloud based IT environment,
A call tree has been client work can be performed
established for employees in alternate office locations
and clients to ensure full providing little, if no,
communication disruption to the servicing
timeline

HORSESHOE FUND SERVICES | Confidential 24

CONTACT
INFORMATION
 CONTACT INFORMATION

WE ARE HERE TO ADDRESS YOUR QUESTIONS

FOR FURTHER INFORMATION ON HORSESHOE FUND SERVICES’

OFFERING, PLEASE CONTACT:

BRIAN DESMOND SCOTT BURNS MICHAEL GENTILE

EVP, Head of Fund Services Senior Vice President Senior Vice President
(T) 441.279.2080 (T) 441.279.2102 (T) 704.927.1867
(E) brian@horseshoeglobal.com (E) scottb@horseshoeglobal.com (E) mike@horseshoeglobal.com

BERMUDA CAYMAN CHARLOTTE

WESSEX HOUSE PICCADILLY CENTER BALLANTYNE BUSINESS PARK

3rd Floor, 45 Reid Street 2nd Floor 15801 Brixham Hill Avenue
Hamilton, HM 12 18-A Elgin Avenue, George Town Suite 540
Bermuda PO Box 425 Charlotte, NC 28277
Grand Cayman KY1-9006 U.S.A.
Cayman Islands

Horseshoe Fund Services is licensed and regulated by the Bermuda Monetary Authority
HORSESHOE FUND SERVICES | Confidential 26
 THANK YOU

We look forward to working

with you

HORSESHOE FUND SERVICES | Confidential 27

 DISCLAIMER

This document is for information purposes only and does not constitute an invitation or inducement or an offer or commitment, a
solicitation of an offer or commitment, or any advice or recommendation, to conclude any transaction. While information herein has been
obtained from sources believed to be reliable, we do not represent it to be accurate or complete. The information contained herein
includes illustrations and estimates and involves significant elements of subjective judgment, assumptions and analysis. Any views or
opinions (including illustrations, estimates, statements or forecasts) constitute our judgment as of the date indicated and are subject to
change without notice. No representation is made as to the accuracy of such illustrations, estimates or projections or that all
assumptions relating to them have been considered or stated by Horseshoe Insurance Services Holdings Ltd. (“Horseshoe Group”) or its
subsidiaries.

This information is confidential and proprietary to us and is solely for your use and is not intended for any further dissemination. It may
not be reproduced or circulated without our written permission and may not be distributed in any jurisdiction where such distribution is
restricted by law or regulation.

Nothing in this document should be construed as legal, tax or investment advice nor interpreted as recommending any investment in any
particular product, instrument or security and should not be relied on as the sole source of information upon which to base an
investment decision. Unless otherwise agreed in writing, we are not acting as your financial adviser or fiduciary.

Before you enter into any transaction, you should ensure that you fully understand the potential risks and rewards of that transaction and
you should consult with such advisers as you deem necessary to assist you in making these determinations. Neither of us should rely on
any representation or undertaking inconsistent with the above paragraphs.

HORSESHOE FUND SERVICES | Confidential 28