InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Michael Mannisto, CPA, Partner, EY

There is currently lots of duplication between what the fund administrator is doing and what the investment manager is doing as many investors as part of their due diligence process are expecting full shadowing. This allows the investment manager to confirm the integrity and accuracy of data produced by fund administrators that are critical for trading, portfolio management, compliance, risk management and reporting to investors. However, full shadowing consumes a significant amount of management attention and firm resources. In some cases, it can even result in limiting the firm’s ability to grow and offer new products, to implement new strategies and to enter new markets. The process requires technology, operational processes and human resources and can draw a fund manager’s resources and attention away from its core portfolio management and fund-raising activities.  However, a move to less or partial shadowing could have the benefit of scalability for investment managers to grow their businesses and also benefit from a greater business focus. Meanwhile, the administrators that invest in the technology platforms, data management processes and complex operating models necessary to perform back- and middle-office activities could attract more business from the alternative asset management industry.


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Students shall learn the following within this Course:

  • Is the current operating model working effectively? Costs vs. benefits?
  • Responding to regulatory reforms, such as FATCA, Form PF, AIFMD Reporting, etc. requires more experience, making it more expensive for funds to shadow these tasks in-house.  Are administrators ready for this?
  • Would less shadowing and more reliance on a fund administrator’s regulatory reporting solutions help or hurt regulatory scrutiny?
  • What are the legal considerations for those responsible for governance when it comes to determining the right shadowing level?
  • Fund administrators are all getting bigger and we continue to see more and more mergers and acquisitions which allows them the invest heavily in their operations, making it possible for them to take on more shadowing.  Are fund administrators today ready to take on full shadowing? If not, what are the areas they need to invest in?
  • What’s the right-sized shadowing model in terms of future targeted operating model? Under this model describe the differences between the administrator of today vs. tomorrow.

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Senior Fellow From Practice:

  • Michael Mannisto, CPA, Partner, EY

Guest Lecturers:

  • Samer Ojjeh, Principal, EY
  • Nir Messafi, Chief Financial Officer, Fortress
  • Daniel Federmann, CPA, Partner, COO, Protégé Partners
  • Martin Wolin, JD, CPA, Partner, CCO & CRO, Mercer
  • Kent Barnes, JD, Senior Counsel, U.S. Bancorp


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Accreditation Information

CLE Information

Credit Hours: 1
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 2
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  9250

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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.