Partner Bertrand Fry, co-chair of Pryor Cashman’s Investment Management Group, is quoted in the HFMWeek Magazine article, “Has Your Track Record Been ‘Audited’?”

The 2014 examination priorities published by the SEC’s Office of Compliance Inspections and Examinations identified core risks within the Investment Adviser/Investment Company Program. “The SEC staff have been clear that in their examinations they will look for records prepared by a third-party (e.g. custodial or broker­age statements) confirming the performance presentation and reports prepared by an independent auditor that verify the investment manager’s advertised performance,” said Fry.

The article advises both emerging and established investment managers to consider the merits of third-party performance reporting engage­ments, adjusted to fit specific needs. Doing so will better prepare the investment manager when faced with the question of whether their track record has been audited.

To read the article in its entirety, please click here .