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Strategic Hedge Fund Planning
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We would like to thank Hannah and the company for their invaluable help in forming our incubator hedge fund. They were extremely knowledgeable, efficient, and professional while working with us, and we are glad to have them as a vital resource as we grow our incubator hedge fund into a full-fledged one. Dale Angus, Golden Egg Capital Management LLC. March 28, 2012.
Starting a Hedge Fund Creating a hedge fund to protect and manage your assets or the assets of others for a fee is a practical way to earn a living. Successful hedge funds continue to attract the wealthy, the working not-so-wealthy, businesses, and pension funds looking for better investment options worldwide. The United States offers a favorable environment for smaller hedge fund startups. The purpose of this web page is to highlight key U.S. hedge fund development and planning issues of interest to hedge fund sponsors worldwide.
If you are interested in starting a hedge fund, contact us for a Free Consult with a hedge fund attorney. We routinely set up hedge funds both in the United States and in most other countries. Request Services The global hedge fund business offers great potential in the years ahead.
Why the United States?
Even if you are based in another country, consider forming a U.S. hedge fund. The United States offers easy low cost access to the legal, tax, accounting, retail and institutional brokerage, and the regulatory services needed by a hedge fund sponsor to organize a hedge fund. Despite what some hedge fund sponsors think about the purported negativity surrounding the United States, many more establish U.S. based hedge funds because of the minimal expenses associated with starting a U.S. hedge fund and the sheer convenience of having their U.S. based family members and/or other U.S. investors able to invest in the hedge fund.
Hedge fund sponsors (i.e., the organizer(s) of the hedge fund) based outside the United States are usually surprised to learn about the “light touch” of U.S. regulation and low costs associated with forming a U.S. hedge fund. Learn More About Offshore Hedge Funds
The United States Allows Hedge Fund Advertising
The JOBS Act, signed on April 5, 2012, lifted the ban on hedge fund advertising for hedge fund's operated by fund managers registered with either the SEC or a state regulator. The decades-old restriction on how hedge funds can raise money is gone! Hedge fund managers can speak publicly about their hedge fund's strategies and performance and advertise normal channels. The Securities & Exchange Commission (SEC) will issue hedge fund marketing rules in the next few months.
How long does it take to start a hedge fund? It really depends on the particular circumstances because no two funds (including the people who want to start them) are completely alike. In the United States, companies can be formed in a matter of just a few minutes. For example, in the State of Florida, a company can be formed over the Internet in less than ten minutes for about $120 USD. In the United States, no minimal capital is needed to form a company. Even a U.S. tax identification number (i.e., EIN or "employer identification number") can be obtained from the U.S. Internal Revenue Service over the Internet.
Are you starting a hedge fund? If yes, then Contact Us for a fee quote.
In general, and assuming no registration is required, the average U.S. hedge fund takes about four (4) weeks to organize and launch, including the time needed to prepare offering documents and to arrange for the hedge fund's bank and brokerage accounts. Learn More About Hedge Fund Offering Documents
Our Customers Hannah and her team are experts in their field of offshore funds. The expertise and care to think ahead of all the specific issues I might have as a client are greatly appreciated. Capital Management Services Group applies a no-nonsense and straight forward business approach to a complex maze of international rules and regulations. I'm pleased to have them on my team and certainly recommend them to any professional looking for guidance in the hedge fund industry.Andre Voskuil, DutchOracle Capital Ltd. December 28, 2011
To start a U.S. hedge fund, you generally need to form two business entities: the hedge fund and its investment manager. The hedge fund is typically set up as either a Delaware Limited Partnership (LP) or Limited Liability Company (LLC). For tax reasons, hedge fund sponsors based in New York or Texas may consider setting up three companies: the hedge fund, the investment manager and a management company. The investment adviser can be set up as a LLC, or as some other type of business entity in your home state or country. We can form both entities for you quickly and for a low fee. Contact Us for Assistance
Where do I set up the Hedge Fund? In the United States, hedge funds are found chiefly in Delaware.
Why a Delaware Hedge Fund?
U.S. hedge funds are established primarily in Delaware because Delaware offers the most advanced business friendly law in the United States. In fact, Delaware’s business friendly environment is attractive to companies across the globe, not just hedge funds. Learn More About Delaware Companies Governing law matters. Delaware corporate law affords directors and officers a great deal of discretion in managing the business free from the undue interference of shareholders and regulators. Delaware's highly regarded reputation stems from the Court of Chancery that focuses solely on company law. The Court of Chancery has earned a reputation for fairness and decisiveness when hearing disputes between investors and hedge fund managers. Indeed, the Delaware “brand” of company law has been "exported" to several other countries. Moreover, Delaware is one of the most protective jurisdictions in the world of proprietary information. The issue of privacy extends beyond Delaware's borders to other U.S. states.
The United States is a Safe-Haven for Business
A 2006 Government Accountability Office report, found that most other states do not require ownership information when businesses are formed or don't have to submit periodic reports. Read the GAO 2006 Report of U.S. Company Formations In addition to Delaware, Nevada and Wyoming are advantageous places to set up a company. Learn More About U.S. Company Formations Given the depth, privacy, predictability and pro-business cast of Delaware's company law, it makes good business sense to set up a hedge fund in Delaware. Contact Us for Assistance We offer company formation services and registered agent and registered office services in Delaware.
How many investors can invest in a U.S. hedge fund? If you set up a U.S. hedge fund you have two choices. If all of your investors, without exception, are “qualified purchasers,” your U.S. hedge fund can accept up to 500 investors. This type of hedge fund is referred to as a "3(c)(7) fund". "Qualified purchasers" are generally those that have $5 million in net investment assets. Once a 3(c)(7) fund reaches 500 investors, it may be required to register under the Securities Exchange Act of 1934. Learn More About Hedge Fund Regulation
If you are not able to satisfy the qualified purchasers only requirement, your U.S. hedge fund will have to operate on a smaller scale; one that can accept up to 100 investors. This type is of hedge fund is referred to as a "3(c)(1) fund". Of the 100 investors it can accept, only 35 can be non-accredited investors. Learn More About Accredited Investors
While Section 3(c) of the Investment Company Act of 1940 provides exemptions from registration, it does not negate the need to file a Form D with the U.S. Securities Exchange Commission (SEC) for the hedge fund and state blue sky filings. Learn More About Hedge Fund Law and Learn More About SEC Form D and State Blue Sky Filings Additionally, operating under one of the Investment Company Act exemptions does not negate the need of the hedge fund's manager to register as an investment adviser.
Equity Funds
If the hedge fund trades securities, ETFs, etc., and has U.S. investors, the hedge fund manager will have to register either with the SEC or its "home" state unless an exemption from investment adviser registration is available to it. Learn More About Investment Adviser Registration We offer SEC and state-level investment adviser registration services. Contact Us for Assistance
Spot Forex, Commodities and Managed Futures Funds If the hedge fund trades in one or more of the following: spot forex, managed futures or commodities, futures contracts, commodity options (including options on futures contracts), leverage contracts involving certain precious metals, futures contracts and commodity options traded on a board of trade, and/or foreign futures and foreign options and has U.S. investors, then the hedge fund manager has to register with the National Futures Association (NFA), unless an exemption from registration is available.
We offer NFA registration services and a filing service for NFA exemptions. Contact Us for Assistance
Recently, the NFA eliminated the exemption contained in Rule 4.13(a)(4)--a rule relied upon by a substantial portion of the hedge fund industry. Hedge fund managers operating commodity pools under Rule 4.13(a)(4) have until December 31, 2012 to register as commodity pool operators, unless they can avail themselves of some other exemption. Learn More About NFA Registration
Use of Offshore Hedge Fund Manager to Avoid Home Country (or State) Hurdles A U.S. hedge fund’s investment manager can be set up in your home country, offshore, or in the United States. Unfortunately, many potential hedge fund managers live in countries where the capital formation, tax and regulatory hurdles to become a hedge fund manager are insurmountable. Many countries require a working background in finance, substantial education, and other credentials to be licensed as a hedge fund manager. Even if you have the necessary background and experience, you may not be able to obtain licensing in your home country simply because the regulators do not favor smaller one-man operations. If you are based in a country like that, consider setting yourself up an investment manager, either in the United States or elsewhere.
Set Up a U.S. Hedge Fund Manager In the United States, companies can be formed in minutes and a U.S. visit is not required. Learn More About U.S. Company Formations Note that you can use the hedge fund management company not only to serve as the fund’s investment manager, but also to operate a managed account business (i.e., unlike a hedge fund, managed account customer money is not pooled). When setting up a hedge fund manager outside of your home country (or state), arrange for a “virtual office” so that you have both a working and physical address outside your home country (or state). These arrangements allow you have to a hedge fund manager based in another part of the world with few, if any, regulatory barriers to hedge fund management. We offer company formation services in the United States. Contact Us for Assistance
Use of Investment Adviser Sub-Contracts
Many hedge fund sponsors opt to set up a hedge fund management company outside of their home country, whether for tax, commercial, or regulatory reasons. If you (as the hedge fund sponsor) set up the hedge fund management company outside of your home country, you should have a sub-agreement for "advisory" services between yourself and the offshore hedge fund management company.
In the United States, an investment adviser is an investment manager. However, there is legal distinction between “investment manager” and “investment adviser” in most other countries. If you live in a country where a such a distinction exists, and if you set up the hedge fund's manager in such a country, you should position yourself through contracts as an investment adviser to the offshore investment manager. Such "advisory" services (i.e., an independent research analyst) is not a regulated business activity. To do this, you need an agreement between the offshore investment manager and a sub-agreement between the investment manager and the investment adviser.
The goal of the agreements is to allow you to offer research services to the offshore investment manager for a fee. When the investment advisory agreement is drafted properly and timely executed, you will be able to control the timing, tax character and amount of taxable income reportable in your home country. In addition, if the investment management agreement between the fund and the investment manager are drafted correctly and timely executed, further income deferral is possible. A hedge fund manager seeking to defer substantial amounts of management and performance fees should use third-party (i.e., “outside”) directors to ensure that the deferral mechanisms are respected for home country tax purposes.
Our Customers Hannah and her team were knowledgeable, professional, and a pleasure to work with; having access to their expert help is indispensable in forming an incubator fund or hedge fund entity at a very reasonable cost and time frame. D. Rxxxn December 21, 2011
Consider U.S. Investment Adviser Registration Many hedge fund sponsors based in other parts of the world choose to set up a U.S. investment manager to avoid home country licensing issues and to make the hedge fund more attractive to U.S. investors. Another reason for considering U.S. investment adviser registration is to satisfy a brokerage and/or bank’s requirement that a hedge fund’s manager be licensed somewhere before it is willing to supply bank and/or brokerages services to a new hedge fund.
If your home country’s licensing requirements put investment manager registration out of reach, consider getting licensed in the United States. Fortunately, any foreign based investment manager is eligible to register with the U.S. Securities and Exchange Commission (SEC) without regard to the amount of assets under management. The SEC registration process is very simple and relatively streamlined. The SEC, it is a very light regulator of foreign-based hedge fund managers.
Exemptions for U.S. Based Investment Mangers If you opt to set up a U.S. based investment manager, you may not be eligible for SEC registration. U.S. based investment advisers must register with the SEC or their “home” state. Any U.S. based investment adviser with less than $150 million assets under management must register with its “home” state--you are no longer allowed to SEC register. The good news is that most U.S. states have generous exemptions from registration as an investment manager.
A hedge fund manager with less $150 million assets under management based in state that exempts it from state-level investment adviser registration, does not have to register at all with any regulatory authority; provided that the hedge fund does not trade spot forex, futures and or commodities. Learn More About NFA Registration The net effect of this is that a U.S. investment manager can be formed and ready for operation relatively soon after initiating the process.
Our Customers I would like to state unequivocally that I have had a completely positive experience in dealing with Capital Management Services Group. Truly, from the first phone call that I made to Capital Management, to the conference call that was arranged with Hannah Terhune, the time she took in answering all of my questions, and, finally, to the follow-up by Amy Hong. My case involved the establishment of a Forex Incubator Fund, and was thoroughly handled. Hannah Terhune responded promptly to my subsequent phone calls and Amy Hong is absolutely 100% efficient. I, certainly, plan to enlist Capital Management's services for my legal needs in the future concerning fund management. I would rate my experience and results 5 out of 5 stars! Totally satisfied, Rxxxxxx Sxxxx, Sept.22, 2010
U.S. Regulatory Filings--Blue Sky The sale of any hedge fund interest to any U.S. investor triggers federal and state-level reporting requirements for the hedge fund. A timely Form D must be filed with the U.S. Securities Exchange Commission (SEC) . This is the case even if the hedge fund is formed outside the United States. Both the SEC and state-level filings for the hedge fund are referred to as “blue sky” filings. The blue sky filing requirements confuse many.
Blue sky filings have nothing to do with whether the hedge fund’s manager is required to be registered as an investment adviser. The most important thing to understand is that the requirement to file blue sky filings is triggered by the hedge fund’s sale of an interest to a U.S. investor. Many hedge fund managers wrongly believe (or are wrongly advised by brokers) that simply because they are exempt from registration as an investment manager , the hedge fund they operate is not required to file blue sky. That simply is not the case. Again, blue sky filings have to do with an investor’s subscription to a hedge fund interest. Blue sky filings have no bearing on whether the hedge fund's manager is, or should be, registered with a regulator.
Many U.S. states require that a copy of the SEC filed Form D be provided to the state along with the states’ filing fee. The blue sky filing requirements and filing fees vary from state to state. Moreover, some states require that the hedge fund file blue sky filing on an annual basis (i.e., Alaska). Learn More About SEC Form D and Blue Sky Filings
The SEC and state blue sky filings apply to any hedge fund that accepts U.S. investors even if the hedge fund trades spot forex, managed futures or commodities and without respect to whether the hedge fund manager is required to be registered with the U.S. National Futures Association (NFA). Confused? Let us assist you.
Hedge Fund Offering Documents Offering Documents are the key to hedge fund sales. While there is no requirement that prospective investors in a U.S. hedge fund be provided with offering documents, it is good (and common industry practice) to do so. Most hedge funds provide written information to their investors in the form of a private offering memorandum. This document—referring to both the prospectus and subscription agreement-- goes by many names and acronyms including: private placement memorandum, PPM, Offering Memorandum, OMM or prospectus (“PPM”). Whatever it is called, the PPM is an extensive document individually created for each hedge fund.
Do you need a set of offering documents for your hedge fund? For a reasonable fee, we will draft customized offering documents for all types of hedge funds. Contact Us for Assistance
In the United States, offering documents include a private placement memorandum (PPM, OM or prospectus), a limited partner (or limited liability company) agreement, and a subscription agreement. If the hedge fund’s manager is registered with a U.S. federal or state regulator, the offering document will included a Form ADV Part 2, which describes the investment manager in detail. Offering documents for an offshore hedge fund include the private placement memorandum and the subscription agreement.
Although there are no specific disclosure requirements for offering documents, basic information about the hedge fund’s manager and the hedge fund itself typically, in fact is disclosed. The information provided is general in nature and it normally discusses in broad terms the hedge fund’s investment strategies and practices. For example, disclosures generally include the fact that the hedge fund’s manager may invest fund assets in illiquid, difficult to-value securities and that the hedge fund manager reserves the discretion to value such securities as it believes appropriate under the circumstances. Learn More About Hedge Fund Offering Documents
Incubator Hedge Funds
If you delay drafting your hedge fund’s offering documents and are willing to defer collection of management and performance fees, you can operate an incubator hedge fund. In the United States, the incubator hedge fund is established with two companies—the hedge fund and its investment manager. In many other countries, a hedge fund incubator can be established with one company and the investment manager can be established at a later date.
Until the time you have the offering documents ready for use with customers, you can deposit your own money as “seed capital,” and/or money from friends and family into the hedge fund and begin developing a track record. While you can accept money from friends and family you cannot charge them performance and management fees.
One of the biggest advantages of the incubator hedge fund approach is that it allows you to start and fine-tune your investment strategy while generating a record of trading performance that can be used to transition to a full-fledged hedge fund when you are ready.
The key difference between a full-fledged hedge fund and an incubator hedge fund is the ability to charge performance and management fees and the availability of offering documents. Learn More About Incubator Hedge Funds
U.S. “Qualified Client” and “Accredited Investor” and Charging Hedge Fund Fees In the United States, much is made about the terms “qualified client” and “accredited investor” for good reason. The reason is that for U.S. SEC-registered and in some states where investment adviser registration is required (i.e., California), the hedge fund performance fee can be charged only to qualified clients.
What are Accredited Investors? Recently the SEC changed the definition of a qualified client and accredited investor. SEC rules permit certain private and limited offerings to be made without registration and without requiring specified disclosures, if sales are made only to "accredited investors." Generally, accredited investors include individuals with a minimum annual income or $1 million in net worth, excluding the value of the primary residence, and most entities and institutions with $5 million in assets. A non-accredited investor is simply one that does not meet the definition of an accredited investor. A U.S. hedge fund can accept up to 35 non-accredited investors. Learn More About Accredited Investors Should I Avoid Non-Accredited Investors? Not necessarily. However, if you allow non-accredited investors to invest in the fund, you need to have an initial financial statement prepared (read: audit). Make sure that your non-accredited investors have sufficient knowledge and experience in financial matters in order to evaluate the merits and risks of investing in your hedge fund. Learn More About Hedge Fund "Launch" Audits
Qualified Clients and Performance Fees SEC registered (and many state registered hedge fund managers) hedge fund managers can charge a performance fee (also referred to as an incentive allocation or performance allocation) only to qualified clients. The performance fee cannot be charged either to accredited or non accredited investors. Generally, qualified clients include individuals with a net worth of $2 million, excluding the value of the primary residence, or investors with $1,000,000 million of assets under management with the hedge fund manager. Learn More About Qualified Clients
What are Hedge Fund Performance and Management Fees? Hedge fund managers typically charge a management fee based on assets under management (AUM), and a performance fee (also called an incentive allocation, carried interest, performance share, etc.) based on the hedge fund's success. Management fees are, on average, considerably lower than the perceived industry standard of 2% and 20%. Many hedge fund managers lowered their fees in order to attract investors following recent market events. Some U.S. states regulate performance based fees. In some states, performance compensation can only be paid when the profits of the fund exceed a hurdle rate or on an annual basis.
Planning Tip: If the investors in your hedge fund are not qualified clients, avoid U.S. SEC registration or base the investment manager in a U.S. state or foreign country that does not require investment adviser registration.
Hedge Fund Banking and Brokerage Services
You cannot use your personal account as the hedge fund’s account. The hedge fund needs its own bank and brokerage account. The hedge fund does not need a prime broker or an introducing broker so you should consider using the broker with which you are already familiar and presumably have a good trading record. Nearly all small hedge funds start out with retail online brokers. Many hedge fund sponsors of offshore hedge funds want to use a U.S. broker. While it may take a while to open a U.S. brokerage account, the process can be speeded up considerably when offshore hedge fund has a bank account.
In the United States, bank accounts can be opened over the Internet with minimal documentation and very modest initial deposits. In addition, operating costs—such as monthly bank maintenance fees - are relatively low in the United States when compared to most other countries. Banking in the United States presents a lesser burden to a hedge fund sponsor than banking in most other parts of the world. U.S. banks and brokers generally do not require a hedge fund’s investment manager to be licensed by a regulator in order to open accounts. For these reasons, the United States presents an extremely attractive option for sponsors of smaller hedge funds.
Hedge Fund Administration Unlike many other countries, there is no legal requirement in the United States to have a third party administrator. However, your investors and regulators see value in the appointment of a third-party administrator. A good administrator will provide detailed NAVs, performance records, brokerage statement reconciliation, and much more. Investors and regulators see value in the appointment of a third-party administrator and this because an independent person performs due diligence on new subscribers, calculates the share price and reports the same to investors. With this feature in place, the hedge fund manager is less able to overstate NAV, make false statements about performance or accept tainted subscription monies on behalf of the fund. Investors may feel a sense of comfort with the job of the administrator as a gatekeeper (i.e., controller of the hedge fund's cash movement), assuming, of course, that the administrator is asking the right questions on behalf of the fund. Click Here to Learn More About Hedge Fund Administration and Costs
Our Customers Hannah Terhune and her team are always available and ready to work with you, with a nice attitude and assisting in a very professional way. Their wide spectrum of services and knowledge really make a difference when you look for consulting. jxxxxxx August 10 2010
Tax Treatment of Hedge Fund Performance and Management Fees Management and other fees paid to hedge fund managers are deductible expenses for the hedge fund, subject to limitations. For the hedge fund manager, the net fees are income from self-employment subject to Social Security taxes and ordinary income for income tax purposes. The performance allocation of profits is not a "fee" per se, but rather an allocation of profits (separated into all of its components) from a tentative allocation to an investor's capital account to the manager's capital account (i.e., a carried interest). From the standpoint of partnership tax law, it is as though the investor never saw the re-allocated amount. Learn More About Hedge Fund Taxes
Should I Make a Mark-to-Market Election?
Only someone who qualifies as an active securities trader can elect MTM treatment. Although the MTM election can be made in a year in which you qualify as an active trader, the MTM election once made applies to subsequent years whether or not you are an active trader in later years. Learn More About Mark-to-Market Election
Can my hedge fund have a website? Yes. You can use a web site that is SEC compliant. The JOBS Act, signed on April 5, 2012, lifted the ban on hedge fund advertising for hedge fund's operated by fund managers registered with either the SEC or a state regulator. The decades-old restriction on how hedge funds can raise money is gone! Hedge fund managers can speak publicly about their hedge fund's strategies and performance and advertise normal channels. The Securities & Exchange Commission (SEC) will issue hedge fund marketing rules in the next few months. Learn More About Investment Adviser Registration
Can I Accept IRA Money? Yes. Generally speaking no more than 25% of the value of the fund should be held by employee benefit plan investors of any description including ERISA plans, IRAs, 401(k) plans, state funds, or other employee benefit plans unless the fund complies with ERISA. IRAs themselves do not constitute ERISA assets but must be considered for the 25% calculation. Do I need a Series 7 to run a hedge fund? No.
Hedge Fund Side Letters Investments in a hedge fund are subject to the fund's offering documents (PPM, limited partnership agreement, etc.). A hedge fund manager may enter into a separate agreement (e.g., side letter) with an investor in the hedge fund. Typically, seed capital investors and large institutional investors seek preferential terms from a hedge fund's manager in the form of a side letter which details the recipient's preferential treatment. Other investors in the fund do not benefit from the terms of the side letter. They may provide the investor with reduced fees or impose limits on the expenses that can be charged to the hedge fund. Side letters may grant the investor special redemption rights and modify the lock-up period. The problem with side letters is that they may create a new share class in the fund and/or cause a breach in the hedge fund manager's fiduciary duty to the hedge fund. Fiduciaries of a hedge fund owe an identical obligation to each investor in the fund.
Hedge Fund Initial and Annual Audits If you allow non accredited investors in a U.S. hedge fund, you will need as initial "launch" audit (also called a "seed capital audit"). Costs for audit services vary significantly depending on the complexity of the fund's investment program and the quality of the hedge fund's books and records. Learn More About Hedge Fund Accounting and Audits
Our Customers I wanted to thank you and your staff for the professional and timely services that you provided in setting up a CTA business. As an individual trader for almost 20 years I have a full grasp of markets but had very little knowledge in setting up a trading business for clients. Everyone at your firm was extremely friendlyand helpful in giving me guidance in this new startup. Your prices were fair and while I looked at different firms to handle the process yours was head and shoulders above the rest. Thanks so much, Sxxx Sxxxr Managing Partner Sxxxxx Capital Management LLC. June 18, 2010.
Exchange Traded Funds Some hedge funds invest exclusively in exchange-traded funds (“ETF”). You should make sure that your offering documents fully disclose the risks of investing in ETFs. ETFs are a recently developed type of investment security, representing an interest in a passively managed portfolio of securities selected to replicate a securities index, such as the S&P 500 Index or the Dow Jones Industrial Average, or to represent exposure to a particular industry or sector. Unlike open-ended mutual funds, the shares of ETFs and closed-ended investment companies are not purchased and redeemed by investors directly, but instead are purchased and sold through broker-dealers in transactions on a stock exchange. Because ETF and closed-end fund shares are traded on an exchange, they may trade at a discount from or a premium to the net asset value per share of the underlying portfolio of securities. As a relatively new type of security, the trading characteristics of ETFs may not yet be fully developed or understood by potential investors. In addition to bearing the risks related to investments in equity securities, investors in ETFs designed to replicate a securities index bear the risk that the ETF’s performance may not correctly replicate the performance of that particular index. Investors in ETFs, closed-end funds and other investment companies bear a proportionate share of the expenses of those funds, including management fees, custodial and accounting costs, and other expenses. Trading in ETF and closed-ended fund shares also entails payment of brokerage commissions and other transaction costs.
Why Hire Us? When you engage us for hedge fund you get a unique combination of securities, tax, and international experience, focused on the trader niche. We have established a leadership position with traders. We are one destination for all your very special hedge fund and trader tax needs. We think we have the best set of offering documents based on the current and ever changing federal, state and offshore securities, commodities, and tax laws. We aim and deliver quick turnaround times, because we understand that our customers want to begin their money management business as soon as possible. We conceive, structure, and deploy the best tax saving strategies into your hedge fund vehicle (for the benefit of the manager and their investors) and your management company. Investors value tax-savings strategies and we utilize all our special knowledge and ideas in this area. Our customers value our one-stop relationship. We will help you start your business and continue to assist you. Our tax services division handles accounting, software, and tax compliance, including all tax matters (tax planning and tax returns). Only one thing counts with us and that's our customer relationships!
CapitalManagementServicesGroup.com is recognized by discriminating fund managers and businessmen as being the foremost tax and legal authority in the business. Attorney Hannah Terhune's education and experience are unsurpassed in the area of hedge funds creation and management platforms, and the complex body of related tax laws. Ms. Terhune's extensive knowledge and experience have made her an indispensable resource for serious hedge fund and business professionals. Ms. Terhune's articles on the subjects have appeared in over 100 publications worldwide. Chances are, if you have read about the above matters, Ms. Terhune has written about them.
Give us the opportunity to use that knowledge and experience for you. We have both regulatory experience and the understanding of the foreign exchange and securities markets. We know how to navigate the compliance with rules and regulations in the United States as well as in regulated jurisdictions such as United Kingdom, Singapore, Hong Kong, Canada and the British Virgin Islands. Each client receives personalized attention from our attorneys and staff. No client is too large or small though because of our boutique size. We pride ourselves in providing personal attention to each client.
CMSG provides the best services and support needed for hedge funds and business projects. No need to coordinate work between different firms--we handle the entire business process from start to finish. We offer accounting, tax planning services, tax return preparation, business consulting, and U.S. and international company formation services. Our professionals provide the highest quality services at competitive rates. But don't take our word for it, give us a call and let us prove what we can do for you. Read our Leading Media Articles, Customer Testimonials and learn more About Us.
Personal Consultations You get answers to your specific questions by speaking directly to Hannah Terhune, an experienced hedge fund and international tax attorney. Ms. Terhune's hard-earned knowledge and experience can be put to work to save you unnecessary steps and costly wasted effort. The consult is an invaluable opportunity to speak to Hannah one-on-one, and learn how to achieve more in less time. As a result, you can anticipate that the return on your investment will far outweigh the costs associated with our unsurpassed services. Ms. Terhune's credentials reflect an invaluable resource that combines a well-informed professional practitioner with sound ethical judgment that cannot be over-estimated. The expertise required to recommend best solutions and provide sound advice should never be taken lightly. We are confident that when you are finished with your consultation, you will be impressed and more informed about your business plans than ever before. Call (307) 213-4732 or Click Here to Request Services. Our Commitment Henry David Thoreau wrote: "Do not hire a man who works for money, but him who does it for love of it." We are committed to your business plans and bringing you the best possible options. We are an established and internationally recognized business that serves and educates our clients throughout the industry. We do this by striving for the best results. Above all, we are a law firm. A lawyer is a philosopher and role model. The ability to improve our clients' lives is a privilege that we do not take lightly. There is tremendous power in being able to effect a positive change in our clients' lives. Our aim is to welcome our clients and to provide a comfortable, warm environment for all. Thanks for visiting our website. We hope to have the opportunity to serve you.