Insights

PKF O’Connor Davies Announces Administration Services for Cryptocurrency Funds

New York, NY (March, 9, 2018) – O’Connor Davies Administration, LLC, a subsidiary of PKF O’Connor Davies, LLP, the nation’s 28th largest accounting and advisory firm, announced today the launch of a new administration service offering for cryptocurrency hedge funds. With the launch, O’Connor Davies Administration also announced it currently provides complete fund administration services to three cryptocurrency hedge funds.

The announcement comes as industry demand for cryptocurrency fund administration services is reaching critical mass. This new offering demonstrates the Firm’s ongoing commitment to meeting emerging fund administration needs for a variety of asset classes, including hedge funds and private equity, venture capital, infrastructure and real estate funds and other alternative investments.

“O’Connor Davies Administration has deep experience and expertise in alternative investments, including valuing cryptocurrency assets and providing timely and accurate financial reporting,” said Marc L. Rinaldi, CPA and Partner-in-Charge of PKF O’Connor Davies’ Financial Services practice. “Three cryptocurrency hedge funds already rely on our team to provide fund administration services, and we’re eager to expand our impact in this area with a formalized approach and established offering.”

O’Connor Davies Administration’s team of industry-recognized thought leaders and experts provides highly tailored administration services to each cryptocurrency hedge fund client. The Firm manages cryptocurrency valuation on a fund-by-fund basis based on the fund’s private placement memorandum and specific valuation policies. It provides core services in helping cryptocurrency funds with a variety of holdings successfully manage and value their assets. O’Connor Davies Administration has experience in valuing and accounting for fixed forks, air drops and a range of custodial arrangements including “hot” and “warm” cryptocurrencies and “cold storage.”

As the cryptocurrency hedge fund sector continues to expand and valuation policies evolve, O’Connor Davies Administration’s decade-plus experience and expertise in fund administration will be a differentiating asset to funds seeking accurate valuations and better rates of return.