Gravitas, a co-sourcing platform providing technology, risk and research to the financial services industry, expanded its efforts, begun in 2011, to prepare private funds for assembling and filing FormPF, with the launch of Form PF Readiness. Form PF Readiness is offered through Gravitas’ Business Consulting division, providing solutions to firms in addressing the myriad of data sourcing, storage, segmentation and reporting requirements that are now required of the majority of alternative asset management firms.
As a cornerstone of the Dodd Frank reforms, funds with greaterthan $5 billion in regulatory assets under management must file their initial Form PF with the Securities Exchange Commission by August 29, 2012, representing a view of their portfolios during April, May and June. Advisors with $1.5B - $5B in regulatory AUM will begin filing by February 28, 2013, and advisors with between $150mm - $1.5B will begin filing by April 30, 2013. The amount of information reported and the number of firms subject to the filing requirements are significantly more comprehensive and complex as compared to previous regulatory reporting.
Gravitas prepares firms for Form PF using a three-phased approach: first, they perform a thorough evaluation and identification of current data reporting processes and gaps; second, they work witha select group of third-party vendors to create compliant practices to extract, organize and store fund data; and third, they create the ongoing policies, procedures and controls necessary to successfully file Form PF with the SEC, based on individual fund structures, staffing models and information flow. Gravitas will also assist funds with their future ongoing quarterly or annual filing requirements.
"The vast majority of fund advisors we have spoken to, are not ready for the depth and complexity of reporting requirements under Form PF," said Gravitas Senior Managing Director Mark Seaman. "It will take between four to six months for a typical large firm to prepare for Form PF, which means firms with an initial filing date of August 29th need to start working on a solution today, if they haven’t begun already."
Form PF Readiness is available to both new and existing clients, and Gravitas is actively advising clients on assessing their state of readiness and creating implementation plans.
Gravitas is a leading co-sourcing platform for technology, investment operations, risk and research support to the alternative investment and financial services industry. Founded in 1996, the company provides hedge funds, private equity funds and other alternative asset managers with unique and flexible co-sourced offerings for systems integration, technical support, software development, investment operations, risk analytics, investment research support and more. From co-sourcing and advisory through implementation, Gravitas designs creative solutions that give clients the operational freedom to invest, innovate, and scale. The company is based in New York with offices in Chicago, Greenwich, Mumbai and Ahmedabad, India.