Stonegate launches outsourced C-suite platform

The fund administrator is rolling out a new service group to perform the back office duties typically handled by the firm’s CCO, CFO and COO.

Fund administrator Stonegate Global Fund Services has launched the Stonegate C-Suite services group, a new platform  for alternative fund managers offering an outsourced solution for the duties and services typically performed by an internal CCO, CFO and COO.

The platform is structured to support, but not replace, a GP’s senior operations team, according to a statement from Stonegate.

Such platforms have become important resources for smaller firms, particularly those that need to have a designated CCO in order to comply with Rule 206(4)-7 under the Advisers Act, which requires investment advisers registered with the US Securities and Exchange Commission (SEC) to appoint CCOs to administer compliance policies and procedures.

However, some observers warn that the SEC has indicated in the past that it may prefer GPs to use an in-house CCO, instead of outsourcing the position to service providers like Stonegate.

Stonegate C-Suite intends to cover duties such as due diligence requests, investor subscriptions, AML compliance, regulatory compliance, FATCA compliance, management company financial operations, reconciliations, cash management, shadow accounting and audit management, according to a statement from the firm.