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A site dedicated to helping emerging manager stockpickers
Emerging Manager Service Providers
On this page you will find information about service providers used by emerging managers. Choosing service providers is very important, even for the simplest stockpicking operations.
Below you will find:
- a list of core service providers used by MIT's emerging manager stockpickers
- a list of core service providers from a Twitter survey we did of 40+ emerging managers in the broader community
- a list of research and productivity tools from the Twitter survey
Another source of service providers: an emerging manager once told us he looked at the SEC form ADVs of other similar investment firms he respected, to source potential high quality service providers.
Of course, you must do your own evaluation of service providers do determine who is the best fit for your firm.
If you're actually looking to start a fund, please make sure you fully understand the risks and challenges of doing so, especially of raising capital. A starter dose of straight talk can be found on the "New Manager Challenges" page.
Core service providers used by MIT's emerging managers
Below please find a list of key service providers used by MIT's current emerging managers. In cases where more than 1 manager uses the service provider, we've noted that. *This does not constitute a recommendation by MIT. You must vet and select service providers on your own.*
Administrator
- Apex Fund Services (4) (One firm based in India uses the Mauritius entity, one based in Europe and one based in China use the parent. One group used Inbhear which became Sanne and then Apex)
- Citco Fund Services
- EisnerAmper
- Essential Fund Services
- Hedgeserv (4+)
- JP Morgan Chase
- Morgan Stanley
- Opus Fund Services
- Panoptic Fund Administration
- SS&C (3) (one firm based in London)
- Stone Coast Fund Services
- Theorem Fund Services
Audit/tax
- Anchin, Block, & Anchin
- BDO USA
- Deloitte
- Ernst & Young
- Frank, Rimerman & Co
- Grant Thornton (2)
- KPMG (4)
- PwC
- RSM
- Spicer Jeffries
- WIPFLI (2)
Law firms
- BFW Law
- Cooley LLP
- Cummings Fisher (UK)
- Foley & Lardner
- Davis, Gillett, Mottern, and Sims
- Davis Polk
- Deacons (Hong Kong)
- Dechert (UK)
- DLA Piper (Hong Kong)
- Foley & Lardner
- Foley Hoag (3)
- Fundlaw Boston
- Herrick (2)
- Hogan Lovells
- Koley Jessen
- Morgan, Lewis
- Ropes & Gray
- Shartris Friese
- Schulte, Roth, and Zabel
- Sidley Austin
- SNG & Partners (India)
- Webber Wentzl (for Africa)
Compliance consultants
ACA Compliance Group (commonly used)
Optima Partners (commonly used)
Ascendant
Duff & Phelps
Florio Leahy
Note: smaller investment firms exempt from full registration often use their lawyers as compliance consultants
Middle office support
Constellation Advisers
*more to come over time*
Results from service provider survey on Twitter
Introduction
March, 2021
In spring 2021 we conducted a survey of emerging managers via Twitter. The purpose of this survey is to help emerging manager stockpickers identify service providers that work well with newer, smaller stockpicking firms. We hope you will find at least one tidbit of information here that makes your firm better. All views contained in this document are expressed by emerging managers who filled out the survey, not MITIMCo, and MITIMCo does not endorse any views contained within.
Do you have a service provider you highly recommend? Please feel free to email it to me via the link on the contact page.
FUND ADMINISTRATORS
Sorted by location of the recommending emerging manager
USA
- NAV Consulting (recommended by eight different emerging managers, with rave reviews)
- Yulish & Associates (recommended by three different emerging managers, each of which called Yulish out as being excellent)
- SS&C (recommended by two different emerging managers)
- Theorem Fund Services (recommended by two different emerging managers)
- Opus (recommended by two emerging managers)
- Capital Management Administrative Services
- Fund Associates
- HC Global
- Liccar
- Panoptic
- Southwatch LLC
- Stone Coast
Canada
- Theorem Fund Services
- Pinnacle Fund Services
UK
- IFINA
- Bolders Group
- Apex (Dublin)
- IFS State Street
- Apex Fund Solutions
- Sanne Group
- NAV Consulting
- Morgan Stanley Fund Services
Caymans
- Circle Partners
Guernsey
- Saffrey Champness
India
- Nav Consulting
- Orbis Financial
Saudi Arabia
- NAV Consulting
AUDIT/TAX FIRMS
USA
- Eisner Amper (recommended by two different emerging managers)
- Spicer Jeffries (recommended by nine different emerging managers)
- KPMG (recommended by six different emerging managers)
- Berkower LLC
- Charles Schwab
- Cohn Reznick
- Costello Novak
- Dave Fultz, Barsz Gowie
- Michael Coglianese CPA, P.C.
- Miller Haviland Ketter
- Vail & Park, P.C.
- Watson CPA
- Weaver & Tidwell
- Withum
- Anchin, Block, and Anchin - (Note: a rep from Anchin reached out to share that they have an emerging manager platform, learn more here: https://www.anchin.com/services/emerging-manager-platform)
Canada
- KPMG
- Wipfli
UK
- IFINA
- KPMG
- Baker Tilly
- Deloitte
- Spicer Jeffries
- BSG Valentine
- Blick Rotherberg
- Andersen Barrowcliff (for management company)
- Rees Pollock (for management company)
Caymans
- Cohen & Co
Germany
- Warth and Klein
Guernsey
- Saffrey Champness
India
- Spicer Jeffries
- SSRA & CO
Saudi Arabia
- NAV Consulting
LAW FIRM
USA
- Foley Hoag (recommended by three different emerging managers)
- Haynes & Boone (recommended by two different emerging managers)
- Brouse McDowell
- Capital Fund Law Group
- Capital Management Administrative Services
- Cole-Frieman & Mallon
- Investment Law Group
- Jacko Law Group
- Lowenstein
- Morgan Lewis
- Reveles Wahab
- Royer Cooper Cohen & Braunfeld
- Schwartz Law for Compliance Related Matters
- Shartsis and Friese
- Thompson Hine
- Vela Wood Law
Canada
- Foley Hoag
UK
- Eversheds Sutherland
- Osborne Clarke
- Simon Thomas
- Schulte, Roth & Zabel
- Ogier (for Cayman law)
- Seward & Kissel (for US law)
- Harneys Riveles
Guernsey
- Locke Lord
OUTSOURCED BACK OFFICE
- Constellation Advisers (mentioned a lot)
OUTSOURCED CFO
- Southwatch (also fund admin)
- Strategic Fund Services
COMPLIANCE CONSULTANT
- Precedent Partners
- Optima
- Portman Compliance Consulting (rec by UK manager)
- Newgate Compliance Consultants (rec by UK manager)
- Christian Meyer-Vahrenhorst, Managing Partner of CMV Fonds Consulting GmbH (for Lux and German set-ups)
OTHER
- Eschler Asset Management provides UK-based firms with a regulatory hosting platform (essentially, a firm can use their FCA registration without having to directly register, as I understand it). I do not recommend any service providers but know several quality firms that use Eschler's services. They can be reached at theron@eschlerasset.com
Data/research/productivity/other resources used by emerging managers
Below is a list of other tools used by emerging managers who responded to the survey from March 2021, and updated August 2022
- Tegus (mentioned many times) - an expert network subscription service. Note: I understand they are creating a new pilot program working with emerging managers, and can be reached at Tori@tegus.com if you are interested. I am personally a subscriber and regular user
- InPractise – executive interviews, more curated, I am personally a subscriber and regular user.
- Sentieo as a Bloomberg substitute (mentioned many times)
- Finbox (similar to Sentieo)
- CapitalIQ (mentioned many times)
- Yipitdata (mentioned many times) - data scraping/alternative data service covering many companies and sectors, especially in tech
- Red Rover Network - subscription service of Gen Z surveys useful to investors https://www.redrovernetwork.com/
- Factset
- Wix for building a website
- Manual of Ideas
- Slack
- G-suite
- Yahoo finance
- Morningstar
- Screener.in (for India)
- Capitaline (for India)
- Dynamo for CRM
- Duda Web
- Tikr (free fundamental company filings data)
- substack
- AlphaSights (expert network useful across Asia)
- Mailchimp for investor communications
- Koyfin (free financial data)
- Realvision
- Uber Conference for conference calls
- Canalyst for building models
- Docusign
- Airtable for records management
- GLG as traditional expert network
- Bloomberg EMSX for trading if you have a Bloomberg subscription already
- Datorama.com
- RFA (IT services for UK)
- Edgefolio for fund portal/CRM/engagement tracking
- Notion for research management
- Journalytic for decision making, research management, and journaling
- Alphasense
- Third Bridge – Asia expert network
- Ycharts
- Stratosphere.io
- Quartr for earnings calls
- 10Kreader
A further list created by Conor Mac https://investmenttalk.substack.com/p/resources-resources-resources?r=66q6l&utm_medium=ios
Comfy Chairs
If you're going to spend a lot of time alone reading, a comfy chair may be very worthwhile. But which to get? We asked a bunch of managers to tell us about office chairs they highly recommend and here is what we got. There is a range from low end but comfortable to higher end chairs for those looking to make an investment.
High End:
Many rave reviews of Herman Miller chairs though people concede they aren’t cheap
Herman Miller - Eames Lounge Chair + Ottoman -https://store.hermanmiller.com/living/lounge-chairs-and-ottomans/eames-lounge-chair-and-ottoman/5667.html?lang=en_US
Herman Miller - Aeron Chair - $1,395 https://www.hermanmiller.com/products/seating/office-chairs/aeron-chairs/
Herman Miller – Embody Chair - $1,395 https://www.hermanmiller.com/products/seating/office-chairs/embody-chairs/
Herman Miller – Mirra Chair - $795 https://www.hermanmiller.com/products/seating/office-chairs/mirra-2-chairs/
Mid Range:
secretlab titan - $400+ https://secretlab.co/collections/titan-series?utm_source=google&utm_medium=cpc&utm_content=brand_titan&utm_campaign=us-s-brand-Exact&gclid=EAIaIQobChMIwf-c5reS8AIVi4zICh3bUAnTEAAYASAAEgJ2L_D_BwE
More Budget (but still good) range:
Staples Flexfit Hyken - https://www.staples.com/staples-hyken-technical-mesh-task-chair-silver-53293/product_24328579
Ikea Millberget - $99 - https://www.ikea.com/us/en/p/millberget-swivel-chair-murum-black-00489397/
Trideer exercise ball (available on Amazon)