InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400

Senior Fellow Samer Ojjeh, CPA, Principal, EY

It is common for fund managers to engage third-party administrators to maintain their books and perform a host of back- and middle-office services. But many also elect to maintain in-house operations and technology to oversee or “shadow” their outside administrators. Shadowing enables a manager to validate an administrator’s output. A full shadowing model can become very duplicative and costly, resulting in limiting the firm’s ability to grow, offer new products, implement new strategies and enter new markets. Some fund managers are now redefining their shadow accounting models, moving from full shadowing toward a more targeted approach, or a “partial shadowing” model. What is the optimal level of shadowing a fund manager should perform to maintain adequate level of operational oversight and meet investor demands, while controlling cost, has become a hot topic in the asset management industry.

This Course will cover the latest shadow accounting trends in the asset management industry, the drivers of partial shadowing, what functions must be shadowed in-house and what don’t require shadowing, and how managers and administrators should approach the transition from a full to a partial shadowing model.

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Students shall learn the following within this Course:

  • Overview of current industry trends in shadow accounting (full shadowing vs partial vs outsource model);
  • Drivers of partial shadowing;
  • Potential benefits/pitfalls of reduced shadowing;
  • Determining an optimal shadowing model;
  • Key functions that must be shadowed/kept in house vs those that don’t need shadowing Key functions that must be shadowed/kept in house vs those that don’t need shadowing;
  • Different methods of shadowing – In-house shadow vs outsourcing shadowing; and
  • Appropriate governance and oversight model.

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Senior Fellow:

Jonathan Ansbacher, CPA, Partner, EY

Guest Lecturers:
Samer Ojjeh, CPA, Principal, EY
Joseph Tylicki, CPA, CFO, Stark Investments
Larry Statsky, CPA, CAO, Millenium
Christine Waldron, SVP of ALT. Investments, US Bancorp
Roderick Hardamon, Managing Director, North America Head of Hedge Fund Services, Citi

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Accreditation Information

CLE Information

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

CPE Information

Credit Hours: 3.5
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information

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Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.

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.

Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

Missouri: 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.

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

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

New 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.

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

Ohio: 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.

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

Pennsylvania: 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.

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

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

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

Wisconsin: 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.

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

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.

If applicable, the RCA will apply for credit in your state upon request.