conifer financial services, a leading global asset servicing firm

SAN FRANCISCO | NEW YORK | TORTOLA | HALIFAX | SINGAPORE

Confidence In Conifer.

FUND ADMINISTRATION

MIDDLE & BACK OFFICE SOLUTIONS

EXECUTION SERVICES

PRIME BROKERAGE

Table ofContents

WHO WE ARE

Conifer Financial Services

WHAT WE DO

Unique Product Array

HOW WE DO IT

Innovative Solutions

WHO WE SERVE

Our Clients

Contact Information

Disclaimers

03

05

09

11

WE AREWe are a leading independent asset services firm with 25 years’ experience

providing exceptional client care to hedge funds, private equity and venture

capital firms, family offices, pensions, foundations and endowments.

WHO

Boutique Mindset. Global Expertise. Innovative Technology.

Providing comprehensive fund services and technology solutions

to investment managers is our only business. We have a proven

history of assisting clients with fund administration, middle- and

back-office operations, execution services, prime brokerage, and

technology solutions to help them run more efficiently. Our ex-

perienced staff will work with you to define the scope of services

that bests fits the need for each of your funds.

Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.

{ Confidence In Conifer.

Over 200 clients including

Pensions, Foundations,

Endowments, Hedge Funds, PE

Funds, Venture Capital

More than $100B in AUA SSAE 16 certified

Rooted in the

1989Conifer founded in

SF, launches multi-

manager hedge

fund platform

2003Vastardis Capital

founded in NY by Bill

Vastardis

2007Conifer establishes

offshore fund adminis-

tration business in BVI

2008Vastardis opens

Singapore office to

serve Asia Pacific

2012Vastardis opens SF

office to meet client

demand

2008Conifer acquires

buyside trading

business from

Morgan Stanley

2011Conifer launches

iCon® cloud

platform

2014Merger of Conifer

& Vastardis to form

Conifer Financial

Services

2006Vastardis opens in

Toronto with Envisor™

development staff


INDUSTRY


Why Conifer?

BENEFIT

EXPERIENCE

GAIN

from 25 years of expertise and

first-rate client service for your

outsourced operations.

a boutique approach while deriving

value from stable counterparties and

partners.

greater insight and flexibility with our

innovative investment operating and

reporting technology.


WHAT WE DO

As a leading global asset services firm, we understand that our primary job is to

leverage our industry knowledge, product expertise and innovative technology

resources and provide you with exceptional client care. In turn, our solutions

enable you to focus on your primary job – to attract clients, generate superior

returns, and run a profitable business. By partnering with Conifer you will access

an institutional-grade platform, scaled to your needs. We invite you to leverage our

latest technologies and services without having to build, buy or maintain them.

Unique Product Array

Whether your needs are in the Front, Middle or Back Office, Conifer’s comprehensive suite of services has the right solu-tion for you.

Global fund administration, middle- and

back-office services, quality trade execu-

tion and prime brokerage: Conifer Finan-

cial Services offers institutional quality

infrastructure that you can leverage in a

cost effective, risk mitigating & investor

friendly manner.

FUNDADMINISTRATION

MIDDLE & BACKOFFICE

EXECUTIONSERVICES

PRIMEBROKERAGE



FUND ADMINISTRATION

Conifer is one of the leading fund administrators for

both onshore and offshore hedge funds, funds of funds,

private equity and venture capital funds. We also provide

administration and performance measurement services

for endowments, foundations and pensions. We leverage

proprietary technology and expertise to deliver outsourc-

ing services that meet your business objectives. We offer

dedicated fund accounting, tax and operations staff that

all have extensive industry experience. Conifer’s client-

focused service model, efficient operating procedures,

accounting and shareholder reporting and technology, en-

sure that we can effectively support any client relationship.

The services include fund set-up, investor due diligence,

Net Asset Value calculations, including full accruals for

operating expenses, incentive fees and commissions and

outstanding service for your investors. We have a robust

review program that includes “Know Your Customer” pro-

tocols that meet anti-money laundering and Patriot Act

requirements. Conifer understands the constantly evolv-

ing regulatory demands on alternative investments and

their managers and has the expertise to manage them on

your behalf.

Data integrity is another cornerstone of our business. We

recognize how important receiving timely and accurate

reporting is to a smoothly running back-office. We have

developed a centralized source of all data elements, com-

bined with redundant quality checks to ensure informa-

tion integrity.

Our senior employees offer decades of experience in

accounting, performance measurement, pricing, com-

pliance and regulatory issues. We take pride in staying

current on industry issues and regulations. Because we

specialize in investment operations, we know when and

where to apply evolving best practices in tested, yet

creative ways.

› Onshore & offshore administration

› Customized, high touch client service and investor

relations

› Able to service funds of all sizes and structures

across all asset classes

› Monthly NAV

› Fund performance and benchmark reporting

› Compliance review program

› Preparation of annual financial statements

› Advent Geneva accounting platform

› $100B+ AuA

› Locations in San Francisco, New York, Tortola,

Halifax, and Singapore


We offer flexible and personalized support and tailor our full range of administration services to fit your business requirements. Our approach combines professional knowledge of securities, capital markets and operational processes and procedures with state of the art technology to provide accurate and timely information 24 hours a day, seven days a week.

MIDDLE & BACK OFFICE SERVICES

Conifer’s outsourced middle office solutions offer you

seamless integration of best-of-breed proprietary technol-

ogy that we deliver with maximum operational efficiency

so your daily operations run smoothly. We allow you to run

your business better by leveraging processes that we have

proven. Our staff of middle-office operations experts works

seemlessly with you before, during and after the trading

day to ensure your firm’s critical operational processes are

handled promptly and accurately. Conifer’s iCon® platform

allows you to transform data into meaningful insight for im-

proved decision making. It also allows you to customize

reporting the way you want it, when you want it.

Our platform provides advanced data management offer-

ing managers reliable, relevant data to effectively manage

risk and make well-informed decisions. Aggregation and

normalization is critical. In our comprehensive data man-

agement model, we aggregate data from all of your prime

brokers and executing brokers, normalize and validate the

data, apply quality controls to ensure consistency and ac-

curacy, then deliver the data in meaningful context.

We have the systems and experience covering all asset

classes and most fund structures. We also offer you auto-

mated process flow which captures an audit trail to deliver

additional transparency and oversight.

Using our services can also help protect your firm by re-

ducing your reliance on manual processes, and decreasing

the probability of errors or losses. We also reduce your

operational fixed costs and eliminate your reliance on

spreadsheets, which are prone to inefficiencies and hu-

man error. And we do all this with infrastructure that in-

tegrates the latest and best technology enhancements for

compliance, risk management, valuation and tax, and in-

vestor reporting to provide you with a robust institutional-

grade platform. Using Conifer can also help you get your

funds to market faster by leveraging consistently applied

processes, incorporating best practices and process im-

provements. You can rely on the expertise of our network

of internal and external experts.

› Daily cash, position and trade reconciliation across

all counterparties

› Trade break identification and resolution

› Corporate action processing

› Independent valuation using “best in class” pricing

sources

› Dynamic multi-prime reporting and data

transmission capabilities

› Cloud-based iCon® reporting portal accessible

through any browser

› Portfolio level analytics including performance

attribution and risk metrics across real-time and

historical inquiries

› Trade and position comparison views across

counterparties

› Customizable interface by end user


Conifer’s Middle and Back Office Services offer a true outsourcing solution that enables managers to leverage a scalable infrastructure without the burdensome fixed costs associated with trade operations, data storage, disaster recovery and system maintenance.

EXECUTIONSERVICES

Conifer is a full service outsourced global trading

solution with locations in San Francisco and New

York, with access to over 90 brokerage firms on

an agency basis. Whether serving as a complete

outsourced solution, supplementing an existing

desk, or ensuring business continuity and back-

up, we add exceptional value to our clients by

transforming a heavy fixed cost to a variable cost

component. Our collective experience ensures

our clients access to a diverse and global network

of established buy and sell-side relationships,

enabling us to support them through often vola-

tile markets, keep them informed, optimize their

trading and facilitate their success.

More than providing execution, we sup port our

clients through all stages of a trade. We provide

each of our clients with an experienced, dedi-

cated trader - a partner who is focused on your

needs – as well as a dedicated back-up trader to

provide continuity. Our team of trad ers becomes

your team, being your eyes and ears into the mar-

ket, whatever the size of your operation. Our in-

terests are aligned with those of our managers, as

we do not participate in principal trading.

› Execution of global equities, options,

and ETFs

› Direct access to over 90 brokerage firms on an

agency basis

› Soft dollar and commission management

› Full coverage desks located in New York and San

Francisco

› Global trading relationships

› No proprietary trading


Conifer offers trade execution services ranging from a complete outsourced solution, a supplement to an existing desk, or as business continuity for clients who need a reliable backup. Our core mission is to add unmatched value with attention to detail throughout the entire trading process.


PRIMEBROKERAGE

Our service offering includes financing, securi-

ties lending, asset custody and reporting. Addi-

tionally, our platform is multi asset class and has

the ability to clear over 75 countries including

some emerging markets. While our client’s as-

sets reside within J.P. Morgan or Pershing, our

client service is driven out of Conifer.

Most of our client service representatives have

experience working at large prime brokers and

our client service representatives average 15

years of industry experience.

Our reporting capabilities include both custody

reporting, and portfolio reporting which can be

viewed online or delivered via PDF. Upon balanc-

ing your portfolio we can independently price

your portfolio and provide you with consolidat-

ed, multi prime broker reporting to showing ag-

gregate positions across custodians.

› Clearing through J.P. Morgan Clearing Corp. or

Pershing

› Multi asset class capabilities

› Multi prime broker reporting capabilities

› Clearing capabilities in over 75 countries

› Reg T and Portfolio Margin solutions available

› High touch client service of Conifer


Conifer offers its managers a full suite of prime brokerage services using either J.P. Morgan Clearing Corp. or Pershing as the global clearing firm. Our prime brokerage platform is multi asset class and affords our clients counterparty safety complemented by the high-touch client service of Conifer.


WE DO ITHOW

Our products and services go well beyond what other service providers

loosely refer to as investment operations. With both human and technological

components, we ensure best practices are always followed.

Scope of ServicesA true outsourcing solution, not just “Admin-Plus”


Trade Lifecycle

› Trade Execution

› Trade Capture

› Transactions

› Resolve Breaks

Actions› Wire Transfers

› ISDA Payments

› Corporate Actions

› Executing Broker Documentation

Portfolio Management

› Reporting

› P&L

› Tax Lots

› Data Warehousing

› Document Management

Analysis

› Attribution

› Exposure

› Risk

› Benchmarking

› Liquidity

Portfolio Accounting

› Reconcile Cash (to all PBs/Custodians)

› Reconcile Listed Positions (to all PBs/Custodians)

› Reconcile OTC Exposures (to all ISDA Counterparties)

› Accruals

iCon®

TECHNOLOGICALELEMENT

HUMANELEMENT

Envisor™

Our Multi-manager Solution Offering Comprehensive Reporting Access

The heart of our multi-manager

solution is an advanced cloud-based

data-hub that ensures clients receive

comprehensive and consistent

reporting and analytical tools

accessible over the web.


Envisor™

Our Multi-manager Solution Offering Comprehensive Reporting Access

Envisor provides Operations Teams

with a robust, transparent workflow

tool for capturing, categorizing, and

processing manager communications

to provide timely and accurate

information to the investment team.

Envisor provides Investment Teams

with a feature-rich reporting and

analytical tool for performance

measurement, liquidity planning,

and exposure analysis, to effectively

manage their complex portfolios.


iCon®

Our Single Manager Solution

Conifer’s iCon® is an industry

leading cloud based tool for portfolio

aggregation, accounting, reporting

and data warehousing for single

manager portfolios and managed

accounts. Conifer’s proprietary

web-based platform features

accurate, fully integrated reporting,

across many products and markets,

regardless of which prime brokers or

custodians our clients use.


iCon®

Our Single Manager Solution

Key benefits of the platform include:

› Fully integrated and reconciled multi-

prime broker/custodian reporting

› Flexible information access and delivery

via data files and/or reports

› Reports that can be fully customized to a

manager’s specifications

› Global remote connectivity via secure

internet connection

› Multi-currency and multi-asset class

capability

› Transaction and tax lot level data

› Data integrity and consistency across all

portfolios.

› Information is easily accessible by

authorized third parties.


Form PF solutionAn Trusted End-to-end Form PF Service that Reduces the Time and Cost of Compliance

Conifer provides a comprehensive Form

PF solution including aggregation and

mapping of data and the production

reports for filing with regulators. Our

Form PF tool allows fund managers

to effectively respond to regulatory

requirements through an institutionalized

process of integrating data from prime

brokers, custodians and other fund

administrators.

We offer an end-to-end software

solution which automates the complex

data aggregation processes required to

help fund managers meet new Form PF

requirements.


AT A GLANCE

› Simple in design for the users, but

sophisticated enough to handle all types

of permutations for the inputs

› Regulatory changes are monitored

and enhancements made to the tool

to ensure that the necessary data is

collected

› Have completed Form PF filings for both

small and large size managers, and both

single and multiple portfolio aggregation

› Data aggregation can be tailored to an

individual manager’s perspective and

interpretation of the form

› Answers are made available to client in

both an easy to view PDF format, as well

as the XML format required by regulators

Form PF solutionAn Trusted End-to-end Form PF Service that Reduces the Time and Cost of Compliance


WHO WE SERVE

For over 25 years we have been solely focused on enabling institutional

and alternative managers to improve efficiencies, reduce costs, enhance

transparency and spend more time on where they best add value—in

managing money.

› Private equity, venture capital, real estate and natural resource funds

› Hedge funds

› Private long only funds

› Separately-managed accounts

› BDCs

› Funds-of-funds

› Pooled endowment products

› Traditional endowments, foundations, pension plans

› Family offices and wealth management organizations

› Outsourced CIOs

SINGLEMANAGER FUNDS

(domestic and offshore)

MULTI-MANAGERPORTFOLIOS

(domestic and offshore)

With over 200 client firms worldwide representing more than $100 billion of combined assets under administration, Conifer Financial Services offers front to back capabilities across all asset classes and client types.

Vast expertise

CLIENT TYPES


Vast expertise cont.

Expertise in a broad range of investment products:

EQUITIES

› US

› International

› Emerging markets

PRIVATE SECURITIES

› Equity securities, including preferred

stock and other ownership structures

common in private equity

› Mezzanine debt

COMMINGLED INVESTMENT VEHICLES

› Partnership interests

› Open-end funds

› Private equity and other drawdown funds

› Share-based funds

REAL ESTATE

› Including direct ownership,

REITs and funds

DERIVATIVES

› Options, caps, floors and swaptions

› Futures

› Swaps, including interest rate, equity,

total return and currency swaps

› Credit derivatives (single issue and index)

› Forwards

› Contracts for difference

FIXED INCOME

› Corporate debt

› High Yield/Distressed

› Emerging market debt

› Asset-backed securities, including

mortgage-backed securities

› Sovereign debt, including emerging markets

› Short-term instruments

› Bank loans

› Repurchase and reverse repurchase

agreements


Why outsource with Conifer?Confidence In Conifer.

INCREASE FOCUS› Dealing with unfamiliar operational issues

is an opportunity cost for professional

money managers

› Removing these distractions creates or-

ganizational focus and clarity around the

investment process

LOWER EXPENSES› Retaining an in-house operations staff un-

necessarily burdens the investment office

with fixed salary costs

› Maintaining adequate technology requires

large capital expenditures and countless

upgrades

GAIN EXPERTISE› Gaining the collective knowledge of an

entire team with diverse clients ensures

continued best practices

› Leveraging a dedicated operations team

complements the investment office’s ex-

pertise in managing money

MEET INVESTOR DEMANDS› Investors are demanding independent

administration to add assurance that fund

information and returns are accurate

› Institutional investors expect a high degree

of infrastructure and operational soundness

REDUCE STAFF COMPLICATIONS› Filling back-office roles is distracting and

often ineffective for money managers

› Eliminating turnover in back-office per-

sonnel improves overall firm morale

REDUCE RISK› Staying current on industry issues, regula-

tions and best practices presents unique

challenges

› Conifer provides institutional quality infra-

structure and the necessary scale to adapt

and succeed

ContactConifer

Conifer.com

SAN FRANCISCO

NEW YORK

TORTOLA

HALIFAX

SINGAPORE

One Ferry BuildingSuite 255San Francisco, CA 94111

Tel 415-677-1500 Toll Free 800-521-2424

767 Third Avenue39th FloorNew York, NY 10017

Tel 212-676-5500

Yamraj BuildingP.O. Box 4818Road Town, TortolaBritish Virgin Islands VG1110

Tel +1 284-494-4133

36 Solutions DriveHalifax, NS B3S 1N2Canada

61 Robinson Road#07-01 Robinson CenterSingapore 068893

Tel +65 6592-0115

© 2014 Conifer Financial Services, LLC. All Rights Reserved.

This document is for your information only and should not be regarded as a solicitation or

recommendation of any particular security, market participant or trading strategy. Securities are

offered through Conifer Securities, LLC - Member FINRA/SIPC. All product and company names

are marks or registered marks of Conifer Financial Services, LLC and the Conifer Group, LLC.

Confidence In Conifer.

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conifer financial services, a leading global asset servicing firm

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