Ernst & Young LLP Named Best Hedge Fund Accounting Firm

NEW YORK, Nov. 2, 2010 /PRNewswire/ -- Ernst & Young LLP, a leading service provider for start-up and established hedge funds, has been named Best Accounting Firm at Hedge Fund Manager Week's U.S. Service Provider Awards for the second consecutive year. Ernst & Young LLP topped other finalists in the Best Accounting Firm category, including KPMG and PricewaterhouseCoopers.

"Receiving this award is a testament to Ernst & Young's 25-year commitment to serving hedge funds through every phase of their business – from starting up through investment, global expansion and going public," said Art Tully, Co-leader, Global Hedge Fund Practice, Ernst & Young LLP. "Since we began serving the alternative investments industry more than two decades ago, our seasoned professionals have worked to help hedge fund clients anticipate and meet new regulatory, transactional, accounting, tax, technology, operations and investor demands."

"Ernst & Young's hedge fund practice was founded on start-ups. In 2009, we audited the most significant share of the top 25 fund launches in 2009," said Mike Serota, Co-leader, Global Hedge Fund Practice, Ernst & Young LLP. "As these organizations continue to evolve and expand, we can support their evolving needs through our extensive portfolio of services."

In addition to providing core audit and tax services, Ernst & Young also offers a wide range of specialty services that can help clients manage risk and improve their organization's growth, tax efficiency and compliance. Tully added, "We offer a full complement of services such as organizational and operational structuring for start-up hedge funds; analyzing partnership agreements and fund documents to assess adequacy of disclosure and structure; advising on distribution, valuation and partnership allocation models; and advising on infrastructure, operations, business improvement, systems and technology needs."

As one of the largest service providers in the industry, the Hedge Fund Practices of the global Ernst & Young network consist of nearly 35,000 financial services professionals, including approximately 1,000 partners and 11,000 professionals who serve the asset management industry across key financial centers in North America, South America, the Caribbean, Europe and Asia. Our wide-ranging and diverse global clients employ all strategies – from long/short equity funds to the most complex global fixed income and derivatives funds as well as funds of funds.

Ernst & Young member firms currently audit:

• Approximately 40 percent and provide full tax services to approximately 50 percent of the top 100 Global Billion Dollar Club hedge funds.
• Approximately 40 percent and provide full tax services to approximately 50 percent of the top 100 U.S. hedge funds.
• Approximately 40 percent of the top 50 European hedge funds and audit more than 50 percent of the top 25 Asia hedge funds.  
• Approximately 35 percent and provide full tax services to the top 50 global funds of funds.

This fall, Ernst & Young's Global Asset Management practices will host their seventh annual global series of hedge fund symposiums in 19 financial centers worldwide to examine the multi-faceted issues and challenges facing the hedge fund industry. These events will bring together more than 3,500 senior industry thought leaders and Ernst & Young professionals to discuss insights from Ernst & Young's annual Global Hedge Fund Survey, as well as related topics such as assessing challenges and seizing opportunities, navigating the tax landscape and the impact of the Dodd-Frank Act and the new regulatory regime on funds.

Ernst & Young will host Hedge Fund Symposiums in 19 cities worldwide this year:

• 4 Nov 2010 New York
• 5 Nov 2010 Malta
• 9 Nov 2010 Dublin
• 10 Nov 2010 Amsterdam
• 11 Nov 2010 Chicago
• 11 Nov 2010 Toronto
• 12 Nov 2010 Geneva
• 15 Nov 2010 Zurich
• 17 Nov 2010 Boston
• 17 Nov 2010 London
• 17 Nov 2010 Minneapolis
• 18 Nov 2010 Bermuda
• 18 Nov 2010 San Francisco
• 25 Nov 2010 Sydney
• 29 Nov 2010 Hong Kong
• 1 Dec 2010 Singapore
• 2 Dec 2010 Dallas
• 7 Dec 2010 Cayman
• 27 Apr 2011 Luxembourg

Ernst & Young's Hedge Fund Symposium events are by invitation only. For information on how to register, please visit: http://www.ey.com/hfsymposium.  

Ernst & Young is a leader in serving the global financial services marketplace

Nearly 35,000 Ernst & Young financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients.  In the Americas, Ernst & Young is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Office today includes more than 4,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America.

Ernst & Young professionals in our financial services practices worldwide align with key global industry groups, including Ernst & Young's Global Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients.

With a global presence and industry-focused advice, Ernst & Young's financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide.  

It's how Ernst & Young makes a difference.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit www.ey.com

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

This news release has been issued by Ernst & Young LLP, a client-serving member firm of Ernst & Young Global Limited located in the US.

SOURCE Ernst & Young