InstructorTerri Hays
TypeOnline Course
Buy NowBook Now

Tuition Options


PracticeEdge Elite™ Not included

Standard Tuition $400 US

Senior Fellow Christopher Mears, CPA, Principal, KPMG

The Investor Services team is responsible for liaising with the fund’s investors. Many funds will outsource this function to a third party administrator and have a small investor services team in-house to coordinate due diligence visits, to provide portfolio level information to investors, or answer other investor inquiries. The Investor Services team in house at the fund will also monitor the underlying beneficial owners of the fund’s registered investors, monitor and arrange payment to third party distributors (e.g. placement agents), and provide information to the chief operating officer and the hedge fund manager to assist them in managing relationships with the fund’s investors.

The Investor team either at the fund or the third party administrator is responsible for processing shareholder subscriptions, including performing a review of the subscription agreement for investor eligibility, performing know your customer verifications (“KYC”), screening OFAC.

The Investor Services team either at the fund or the third party administrator will also process investor redemptions including receiving written notice from the redeeming investor and ensuring the redemption meets the terms of the offering as disclosed in the fund’s offering memorandum.

The Investor Services team at the fund or the third party administrator will monitor authorized share capital for funds structured as corporations, monitor ERISA percentages, send out investor communications including estimate and final net asset value calculations, and responding to investor due diligence inquiries.


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Students shall learn the following within this Course:

  • Review of the Fund Documents
  • Frequency of Subscriptions
  • Minimum Subscriptions
  • What Is The Price That Shares Are Issued At If It Is A Shares Based Fund?
  • Will Shares Be Rounded For Partial Amounts And To How Many Decimal Places?
  • Frequency of Investor Redemptions
  • Notice Period for Investor Redemptions
  • Lock ups and Redemption Penalties
  • Gates and NAV Suspension Triggers
  • Subscriptions
  • Investor Eligibility
  • New Issue Status
  • ERISA Status
  • W8s/W9s
  • Signatories
  • Side Letters
  • Receipt of cash or securities in kind
  • Review of cash accounts
  • Wiring to Prime Broker accounts
  • Multi-Currency Contributions
  • Process For Approving Late Cash Receipts Or Below Minimum Subscriptions
  • Issuing of Contract Notes
  • Redemption Processing
  • NAV Finalization
  • AML / KYC Considerations
  • Cash Wire Process
  • Investor Communication
  • Establishing A Calculation Methodology
  • Monthly Reporting
  • Month End Investor Statements
  • Monthly Investor Letter
  • Onsite Visits And Questionnaires
  • Additional Transparency Requirements

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Senior Fellows From Practice:

  • Christopher Mears, CPA, Principal, KPMG
  • Susan Byrne, Managing Director, HedgeServ
  • Julie McGlynn, CPA, Managing Director, HedgeServ

Guest Speakers

  • Samer Ojjey, CPA, Partner, Ernst & Young
  • Kip Allardt, CCO, Discovery Capital Management
  • Dan Federmann, CPA, CFA, COO & Partner, Protégé Partners
  • Brian Tsai, Managing Director, IMC Asset Management
  • Marie DeFalco, JD, Partner, Lowenstein Sandler
  • Greg Racz, JD, Principal, CLO, Hutchin Hill Capital


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Accreditation Information

CLE Information

Credit Hours: 3
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 6
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  7251


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On-Demand Web Programs and Segments are approved in:

Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6,  North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14and Wyoming*.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

*RCA will apply for credit upon request. Louisiana and New Hampshire: RCA will apply for credit upon request for audio-only on-demand web programs.

1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa:  The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

3Missouri:  On-demand web programs are restricted to six hours of self-study credit per year.  Self-study may not be used to satisfy the ethics requirements.  Self-study can not be used for carryover credit.

4New Hamphsire:  The approval is for three years from recorded date.

5New Mexico:  On-Demand web programs are restricted to 4.0 self-study credits per year. 


6New York:  Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

7North Carolina:  A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs. 


8Ohio:  To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at  Online programs are considered self-study.  Ohio attorneys have a 6 credit self-study limit per compliance period.  The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

9Oklahoma:  Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.


10Pennsylvania:  PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

11Rhode Island:  Audio Only On-Demand Web Programs are not approved for credit.  On-Demand Web Programs must have an audio and video component.

12Tennessee:  The approval is for the calendar year in which the live program was presented.

13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

14Wisconsin: Ethics credit is not allowed.  The ethics portion of the program will be approved for general credit.  There is a 10 credit limit for on-demand web programs during every 2-year reporting period.  Does not approve of Audio-only On-Demand Webcasts.


Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.