Hedge Fund Services

Hedge Fund Services – our expertise for fund managers and investors

Over the last few years, we have witnessed a significant growth in the Hedge Fund industry in Israel and worldwide. Investing in hedge funds has become an integral part of asset allocation of many corporative and institutional investors and wealthy individuals.

Raveh, Ravid & Co has provided services to the Israeli Hedge Fund industry since its inception. In the interim we have served the industry in Israel, gathered extensive and valuable experience in providing professional services to hedge funds in fields such as accounting and financial reporting, audit, taxation, trustee services and administration.

Audit of financial statements

Raveh, Ravid & Co specializes in auditing financial statements of hedge funds and their general partners/management companies. We also provide additional services such as review of quarterly financial statements, periodical approvals of statement of assets and net assets value (NAV), etc.

Taxation of tax trustee services

We provide tax trustee services to hedge funds, ensuring compliance with the provisions of Israeli hedge fund tax pre-rulings, obtained from the Israeli tax authorities. Our tax trustee services are exemplified by active supervision and comprehensive assistance to fund managers in implementation of tax pre-ruling provisions, including supervision and assistance in tax payments and submission of applicable reports to the tax authorities.

As well as tax trustee services, Raveh, Ravid & Co provides a variety of tax related services for hedge funds, such as:

·         Profit distribution support – our Hedge Fund Services department assists fund managers in planning distribution, allocation of profits for tax purposes, tax deduction at source in accordance with applicable provisions of pre rulings obtained by the fund;

·         Reporting to the tax authorities and investors – our team assists fund managers in the preparation and submission of all required reports to the tax authorities and to investors;

·         Tax consultancy – we assist fund managers in assessment of tax consequences of the fund structure on investors, consult with them on specific tax issues relating to capital markets, etc. Together with our tax department, we are constantly being updated on changes in tax regulations relevant to hedge funds, enabling us to provide our clients with timely and comprehensive tax advice.

Trustee and fund administration services

Raveh, Ravid & Co, through its trust company, serves as trustee for hedge funds ("withdrawals trustee") supervising money withdrawals from fund accounts, payments to third parties made by hedge funds, payments of management and performance fees.

We also act as fund administrators for our hedge fund clients. As fund administrators, we provide a range of services, tailored to the fund's specific needs and circumstances:

• Maintenance of fund accounting and records;
• Preparation of financial statements and support of fund's external auditors;
• Maintaining book capital accounts/units registers and other investor related records;
• Allocation of income and expenses in accordance with the provisions of fund partnership agreements and other applicable documents;
• Calculation of management and performance fees

as well as other services related to fund administration.

Fund set-up support

Hedge Funds in Israel constitute a young and growing industry. At Raveh, Ravid & Co we realize that not all fund managers who set up their own fund have knowledge and prior experience in fund administration, accounting and reporting. Our extensive experience and honed expertise accumulated over a period of years, working with hedge funds, together with best highly practice in hedge fund management and administration well known to us enable us to support our clients in the fund set-up process, in developing and improving administration and reporting processes and procedures. Our clients enjoy to the full our experience and expertise in supporting the establishment of their fund and generating solutions tailored to the specific structure and unique needs of the fund. Based on experience gained while working with a wide network of our overseas colleagues, we are able to provide solutions and support to hedge funds covering a wide variety of structures, legal forms and strategies, including off-shore funds.

Helena Storm, CPA (Isr.) is partner in charge of hedge funds services department. To contact Helena Storm.