Cyprus: Our Fund Services - Your Single Point Of Contact For Fund Operations

Last Updated: 17 November 2015
Article by Deloitte Cyprus

Most Read Contributor in Cyprus, July 2017

INTRODUCTION

As leading service providers to the investment management industry, Deloitte Cyprus offers global resources and capabilities. The result is a clear understanding of specific markets and ways of doing business for investment firms.

Investment managers continue to do business in a complex marketplace and navigate an ever-changing global landscape. Whether you are in private equity, hedge funds or mutual funds, Deloitte investment management industry services can help you rise to the challenges and capitalise on opportunities. We provide specialised knowledge and fresh insights into the wide range of operational, technological and regulatory issues surrounding the industry today.

Our cross-functional industry group is comprised of partners, managers and staff, providing a spectrum of audit, tax, enterprise risk, regulatory, advisory and consulting services to a broad range of investment management companies. Our clients include investment advisers and administrators from every sector of the industry.

The range of issues fund managers and their boards must address has risen steadily as the investment management industry faces an unprecedented wave of regulatory change. Meeting these demands requires you not only to keep up-to-date with regulatory changes, but to decipher complex new rules and prioritise actions in face of often competing regulatory demands.

OUR SERVICES

Our investment management services include:

Audit

  • Audit services
  • Investment Performance Standards (GIPS) compliance and verification

Advisory & Risk Consulting

  • Strategy
  • Operations
  • Regulatory, compliance & fund registration
  • Fund reporting & financial statements
  • Performance fees
  • Currency overlay and share class hedging services
  • Valuation Services
  • Governance, risk and compliance
  • Risk management for AIFs
  • Quantitative risk reporting for investment funds
  • Risk transparency reporting for funds
  • Internal audit
  • Listing services
  • ISAE 3402 / SSAE 16 service organisation controls reports (replacing SAS 70)
  • Information & technology risk
  • Forensic & AML services
  • Restructuring and reorganisation services
  • Liquidation services
  • Co-sourcing & resourcing

Tax

  • Tax advisory services
  • Tax compliance services

OUR INVESTMENT MANAGEMENT PRACTICE

Our investment management practice shares information and best practices on an ongoing basis and ensures that our clients are kept up to date on domestic and international regulatory developments that impact their business.

Our approach

We proactively assist our clients via professionals with practical operational experience and expertise within the investment management or asset servicing industry.

Deloitte is very actively involved in the development of new regulations, practices, and industry positions on a wide range of topics. We are represented in each of the main industry or regulatory working groups / committees, enabling us to be at the forefront of new developments. Through our ongoing advice, our clients benefit from timely information, enabling them to anticipate future trends.

Our objectives

  • Create added value and impact on each client audit, tax and consulting engagement measured by our client satisfaction
  • Develop and maintain industry knowledge and research to create a centre of expertise and proactively participate in the evolution of the IM industry

Our team

Our global Deloitte practice benefits from sound market knowledge, strong expertise and significant industry experience. The practice's proven methodology can rely on a multidisciplinary approach capitalising on synergies between audit, tax and consulting experts.

OUR CLIENTS

We serve investment funds, hedge funds, banks and other financial sector professionals with a wide range of services and work with a number of international promoters, advisers and service providers in the investment fund industry.

OUR UCITS V SERVICES OFFERING

The objectives of the UCITS V Directive and of the efficiency package it enacted are to further strengthen the single market for financial services, implement measures to reduce time delays and costs for bringing investment funds to market and make operations and distribution more cost efficient.

Our team of experienced professionals with recognised industry experts can help you meet the challenges and opportunities brought forward by UCITS V.

Deloitte has regulatory, compliance and tax knowledge in the investment management area, especially important in designing and building your UCITS operating model and processes.

Our large and extensive market experience and exposure through previous and on-going engagements with fund service providers as well as asset managers is a further asset.

Our methodologies and knowledge management center have also an accelerator role in projects we engage in.

Our value proposition can be summarised around the following 4 axes:

  • Sound regulatory knowledge
  • Active participation in industry initiatives
  • Consulting skills and methodologies
  • Strong expertise in the fund servicing industry

The UCITS V efficiency package proposes 5 pillars:

  • Management company passport where a UCITS can be managed and administered by a management company authorised and supervised in another EU member state
  • Master feeder structure rules are proposed to allow such structure on a local and cross-border basis
  • Cross-border merger mechanism to resolve current difference between EU regulatory regimes
  • Key investor information document that provides key features of a UCITS to investors in a comprehensive and predefined set of information
  • Simplified notification process by which a UCITS can be marketed immediately on a cross-border basis

To help you facing the UCITS V challenges and realise the given opportunities, Deloitte offers different packages of services which you can chose on a bundled or unbundled basis.

OUR ALTERNATIVE INVESTMENT FUNDS (AIFS) SERVICES OFFERING

Deloitte has a lot to offer in terms of taking advantage of this new paradigm as it benefits from a strong legal environment as well as from a multinational, multilingual, professional workforce which has developed sophisticated expertise covering the full range of fund services.

Deloitte is able to help you take up the challenges of today and prepare for those of tomorrow.

Summarised below is a list of the range of services Deloitte can deliver throughout the life-cycle of your AIF:

Preliminary analysis

  • Ascertain the choice of the most appropriate structure and form of your AIF
  • Establish investment and distribution goals
  • Recommending tax efficient legal forms for the fund (use of tax transparent or non-tax transparent AIFs)
  • Recommending tax efficient separation of assets, liabilities and operations through the use of umbrella structures
  • Structuring advise for the elimination/minimisation of foreign withholding taxes
  • Advising on the available exemptions from personal income tax on the remuneration packages, including carried interest, of the investment manager, directors and Cyprus based employees of the fund
  • Assist in the organisation of the due diligence process for the selection of the main service providers

Fund set-up and maintenance

  • Assist in the preparation and updating of the AIF documentation
  • Assist in preparing and/or reviewing your risk management procedures and conflicts of interest policies
  • Registration and maintenance services for distribution and passporting
  • Analysis of private placement possibilities
  • Coordinate contacts with the CySEC or foreign regulators as the case may be
  • Prepare / coordinate foreign tax reporting
  • Provide audit services
  • Prepare / review local tax filings, including VAT

Specific services for specific needs

  • Assist in stock exchange listing
  • Support your due diligence on any acquisitions envisaged
  • Assist in the valuation of assets
  • Agreed-upon procedures in the context of change of service providers
  • Restructuring services
  • Fund raising
  • Project evaluation
  • Mergers and Acquisitions services
  • Financial modeling services

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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