Asset Management. For insight and guidance tailored to the changing asset management climate of the Channel Islands. kpmg.

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1 Asset Management KPMG IN THE CHANNEL ISLANDS 3 Asset Management For insight and guidance tailored to the changing asset management climate of the Channel Islands. KPMG IN THE CHANNEL ISLANDS kpmg.com/channelislands

2 2 Asset Management KPMG IN THE CHANNEL ISLANDS The asset management industry in the Channel Islands comprises a vibrant market place where participants scour the globe for sources of wealth and attractive opportunities in traditional and alternative investments. KPMG in the Channel Islands combines comprehensive knowledge of the local legal and regulatory environment with our global network s capabilities and experience to deliver practical, effective and insightful advice that cuts through the complexity of global asset management. Our clients include investment managers, wealth managers, fund administrators, hedge funds, private equity funds, real estate funds and other alternative investment funds. Our team of multidisciplinary professionals in Audit, Tax and Advisory are experts in their fields with in depth knowledge and experience of the issues faced within asset management businesses. This expertise coupled with building trusted relationships and delivering quality output through exceptional project teams means that KPMG in the Channel Islands can provide tailored, high-quality services that support our clients.

3 Asset Management KPMG IN THE CHANNEL ISLANDS 3 The environment is continually evolving and changing are you ready? Is the strategy of the company supporting your current business model and needs? Are financial risks in your company well balanced and aligned with shareholder preferences? Is the handling of risks in line with policy and is it regularly followed up? And does the policy provide necessary support to business units? Is the business organised for financial efficiency? Is the business regulated according to board requirements? Is your asset management team following industry best practice? Are you ready for FATCA and AIFMD? Do you have a proper process to collect all revenues? Is there potential to improve income and cost efficiency? Is the valuation of financial instruments correct?

4 4 Asset Management KPMG IN THE CHANNEL ISLANDS Facing challenges together We aim to provide you with a tailored service of the highest standard. At KPMG we can assist you at various stages from assessing your needs, designing and implementing a solution and then continuous support for improvement. Think of KPMG s asset management practice as a trusted advisor that is available when and where you need it. Sustain Deliver solutions and add value Implement Commitment to continuous support/ improvement Commitment to technical excellence and quality service delivery KPMG Trusted Advisor Identify client need Use practical experience and expertise to define solution Assess Assign appropriately qualified staff Design Support We align our services with our clients needs to deliver a professional service that combines local experience with a global perspective. We support our clients in analysing and delivering solutions and improvement programs across the asset management value chain. Examples of projects Acting as reporting accountant for capital market transactions KPMG in the Channel Islands are market leaders in capital markets and have acted as reporting accountants on a number of significant capital market transactions which include: Listings of new share classes to trading on the Channel Island Stock Exchange and the Specialist Fund Market. Reporting on an oversubscribed Alternative Investment Markets initial public offering. Establishment of a one year share placing programme for London Stock Exchange Main Market clients. Assistance in preparation for the Alternative Investment Fund Managers Directive KPMG in the Channel Islands are leading the market advising on the AIFMD and have assisted numerous clients with, for example: The establishment of a non credit institution depositary offering, including appropriate framework and policies, procedures and controls in accordance with ISAE Developing a gap and impact analysis of the possible effects of the AIFMD on listed and non listed funds. Reviewing client s current and future strategies to ensure that they are appropriately positioned regarding the AIFMD, including EU versus non EU presence and substance requirements. Capital reduction project for a Channel Islands financial services group KPMG in the Channel Islands have performed an in-depth review of a Channel Island financial services group with licensed banking, funds and fiduciary operations, to identify trapped capital and excess regulatory capital within the group in order to release funds from within the group. We also undertook a review of the group structure as part of a legal entity rationalisation project to reduce the number of corporate entities within the group so as to reduce future operating and governance costs/risks. Confidential search and select and due diligence Fund Administrators, Global Wealth Management companies KPMG in the Channel Islands have performed discreet market assessments to identify and select potential acquisition targets for a number of its clients. In addition we conducted buy side due diligence in connection with a number of purchases of fund administration, fiduciary and wealth management businesses. Structuring of fund product range KPMG in the Channel Islands recognises that clients need to react and adapt to an ever-changing market, this includes changing their product ranges. We have worked with fund managers on rationalising their fund range of numerous corporate funds into single protected cell companies with various sub funds. We advised on how to accomplish this without adverse tax impact on investors and how to obtain advance clearance in relation to UK investors from HMRC. Jurisdictional overview Compared and contrasted the funds market in various offshore jurisdictions to assist our client prepare their strategic growth plans.

5 Asset Management KPMG IN THE CHANNEL ISLANDS 5 Why KPMG in the Channel Islands? KPMG in the Channel Islands is a locally-owned, independent member firm of the KPMG network, affiliated with KPMG International. Commitment to the industry We are a leading provider of services to the Private Equity, Real Estate and Infrastructure sectors. As reported by the Monterey Insight Fund Surveys, we audit approximately half of all funds in Guernsey and over 16% of all funds in Jersey, as well as providing audit services to many of the fund administration and custodial service providers on the islands. Our directors take part in numerous KPMG global working groups and local industry associations to shape Guernsey and Jersey s response to the ever changing landscape. Asset management in change Asset management is an international business in a competitive environment. It demands great practical knowledge of risks, financial processes, products, regulations, portfolio management, operational strategies and taxes. KPMG in the Channel Islands can offer support in all of these areas. We will provide value adding services by helping define solutions for you. Our team has extensive practical experience and capabilities in all these areas and is willing to go the extra mile. Ask us, challenge us, and become an even stronger player in your own environment. Coordinated Global Network We have a very close working relationship with KPMG member firms in other major jurisdictions such as London, New York and Hong Kong who also serve a wide range of clients operating in similar regulatory environments. Our focus on the various industry sectors is fundamental to our approach. We believe that we can only add value for our firm s clients if we truly understand their industry, which is why we invest in continuously improving our knowledge of the industries we serve. Helping you grow and stay efficient We focus on building trusted relationships and delivering quality output through exceptional project teams. Our member firms provide tailored and high quality services that support clients with their investment activity. We want to make you, as a client, both more efficient and more successful in what you are doing.

6 6 Asset Management KPMG IN THE CHANNEL ISLANDS Asset management service overview KPMG in the Channel Islands Audit Firm overview Advisory Audit Financial statement audit Regulatory audit Attestation services Training Accounting advice Controls assurance reporting Accounting preparation services Agreed upon procedures Secondments Global investment performance standards reporting Expert witness Tax Management Consulting Business performance services IT advisory AIFMD support Risk Consulting Regulatory compliance Forensic investigations Financial risk management Internal audit and enterprise risk management Transactions Services Buy side assistance Sell side assistance Capital markets Restructuring Operational restructuring Financial restructuring Insolvency (liquidations) Cash and treasury management Administration Corporate Finance Mergers and acquisitions Valuations Financing Risk Consulting Transaction Services Advisory service overview Restructuring Restructuring Management Consulting Corporate Finance Tax Reporting UK Offshore Funds Regime US tax reporting for investors and funds (e.g. K-1s, PFIC Statements) Foreign Account Tax Compliance Act (FATCA) and related local law Fund Tax Structuring Fund structures and reorganisations Cross border tax planning Tax risk management Merger and acquisitions Services to Management and Executive Incentives Advice on structuring of co-investment vehicles and executive incentives Personal tax compliance Expatriate taxes Payroll services Estate planning Tax Reporting Tax service overview Fund Tax Structuring Services to Management and Executive Incentives

7 Asset Management KPMG IN THE CHANNEL ISLANDS 7 Asset management team KPMG in the Channel Islands Audit Guernsey Audit Jersey Lee Clark T: +44 (0) E: leeclark@kpmg.com Dermot Dempsey T: +44 (0) E: ddempsey@kpmg.com James Grosvenor T: +44 (0) E: jgrosvenor@kpmg.com Neale Jehan T: +44 (0) E: njehan@kpmg.com Barry Ryan T: +44 (0) E: barryryan@kpmg.com Debbie Smith T: +44 (0) E: debbiesmith1@kpmg.com Lesley Averell T: +44 (0) E: laverell@kpmg.com Eric Bertrand T: +44 (0) E: ebertrand@kpmg.com Steve Hunt T: +44 (0) E: stevenhunt@kpmg.com Heather MacCallum T: +44 (0) E: hmaccallum@kpmg.com Andrew Quinn T: +44 (0) E: andrewquinn@kpmg.com Nick Stevens T: +44 (0) E: nstevens@kpmg.com Steve Stormonth T: +44 (0) E: sstormonth@kpmg.com Advisory Mark Thompson T: +44 (0) E: mrthompson@kpmg.com Linda Johnson T: +44 (0) E: lindajohnson@kpmg.com Tax Rob Kirkby T: +44 (0) E: rkirkby@kpmg.com Jason Laity T: +44 (0) E: jlaity@kpmg.com Tony Mancini T: +44 (0) E: amancini@kpmg.com Ashley Paxton T: +44 (0) E: ashleypaxton@kpmg.com Oliver Morris T: +44 (0) E: omorris@kpmg.com John Riva T: +44 (0) E: jriva@kpmg.com

8 KPMG Channel Islands Limited Guernsey Office: Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 1WR Tel: +44 (0) Jersey Office: 37 Esplanade St Helier Jersey JE4 8WQ Tel: +44 (0) 1534 facebook.com/kpmgci linkedin.com/company/kpmg-channel-islands youtube.com/user/kpmgci kpmg.com/channelislands The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG Channel Islands Limited, a Jersey Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International Cooperative (KPMG International). Designed by Create Graphics CRT023036