Session 3 of NYACP's Multi-Part Financial Series!

An Overview of Investment Partnerships’ Structures, Sometimes Referred to as Hedge Funds, and the Theories and Methodologies of Valuing Interests in Investment Advisers 

Friday, September 24, 2021
12:00PM-1:30PM

Presented by

Stephen Shulman, CPA/ABV/CFF, CVA, Managing Member, Shulman Associates LLC
Steve E. Fross, Esq., Partner, Foley & Lardner LLP

REGISTER HERE

You will receive the Zoom log in information in a confirmation email
1.5 CLE and CFP credits will be provided

The presentation will cover the Following:

• Management Cos and General Partnership Interests: Overview
• Typical Structures; contractual relationships and flow of revenue to investment advisors
• Types of Investment Advisors
• The Essence of Valuing Interest in Investment Advisors
• Economics of the Fee Structures
• Valuation Techniques- What is acceptable to use
• Drivers of Value
• Approaches to FMV of Management Cos.
• Income Approach
• Market Approach and Appropriate Adjustments to Make
• Valuing General Partner Interest

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Stephen Shulman is a certified public accountant, valuation and forensic accounting professional.  After 25 years he merged the accounting firm he created into a large New York City Certified Public Accounting firm where he established and grew the Litigation, Forensic, Valuation and Business Risk Services Group into one of the New York metropolitan area’s premier consulting group. Stephen’s broad array of clients, unique blend of typical accounting and tax expertise and dispute resolution has provided clients with insights and perspectives that help them determine the proper course of action and fashioning equitable settlements. After reaching mandatory retirement, Stephen established Shulman Associates, LLC to continue providing the same services providing forensic accounting, and valuation services to attorneys, individuals and businesses. Stephen is also a trained arbitrator with AAA.

Mr. Shulman is an arbitrator and collaborative law professional. He is on the roster of neutrals for the American Arbitration Association and has been retained as an arbitrator in a merger and acquisition transaction, as an accounting master in complex accounting matter and a valuation and forensic accounting neutral an arbitration.

Stuart Fross is a partner and business lawyer with Foley & Lardner LLP where he concentrates his practice on securities laws and regulations, as part of the Private Equity & Venture Capital, Transactional & Securities and International Practices.

Stuart's main focus is investment managers and pooled investment vehicles, including U.S. registered open-end, closed-end and exchange-traded funds, bank collective investment funds (with an emphasis on stable value funds), UCITS funds, as well as private funds, organized in the United States and offshore. Stuart has extensive experience in equity, high income and fixed income trading operations, as well as with distribution related issues for registered and unregistered funds.