Based in Portland, Maine and Bermuda, Stone Coast Fund Services provides independent fund administration, administrator oversight, on-site consulting, and director services to onshore and offshore hedge funds. We are committed to superior service, long-term relationships and investor confidence. Whether a manager wishes to outsource or in-source its back office needs, Stone Coast's services ensure controlled and efficient operations. Administration operations are subject to an annual SAS70 audit, and our Bermuda company is licensed by the Bermuda Monetary Authority.
In contrast to the high-turnover "NAV Factories" that crowd the administration landscape, Stone Coast aspires to a professional services model. Our staff experience and stability far exceed industry norms, allowing us to specialize in credit-and-derivatives-heavy portfolios whose needs often are served poorly by institutional administrators. At the same time, we offer efficiency and value for the most straightforward funds.
Prior to starting Stone Coast, the company’s principals founded and led the highly regarded U.S. hedge fund administration business of a major independent administrator and, later, of a global custody bank. A stellar reputation for service quality and client loyalty resulted in regular industry accolades. Stone Coast's staff draws heavily from the most senior and experienced of the founders’ former colleagues, resulting in a cohesive team that has worked together for many years, and with nonexistent staff turnover.
Hedge fund management firms are typified by a concentration of professional staff and a keenly entrepreneurial mindset, whereas administrators often exemplify a factory approach, focused on volume rather than quality. The combination can result in mismatches in competence, professionalism and organizational philosophy. Although Stone Coast offers exceptionally robust technology and infrastructure, we believe that quality administration is more than ever defined by the quality and commitment of staff.
Dissatisfaction with administrators invariably sounds the same themes:
- Staff turnover results in unfamiliarity with our funds and their needs.
- Too many people touch our funds. None share a sense of ownership and overall accountability.
- Our administrator doesn't adequately understand the instruments that we trade or the strategies that we pursue.
- Our administrator has good people, but they are stretched too thin. My funds do not get sufficient attention.
We believe that the key to successful administration is the long-term assignment of professional staff to only a very few funds. In contrast to the assembly-line approach of most administrators, Stone Coast's Account Managers are responsible for the full range of their clients’ portfolio and investor accounting needs. Clients get a single point of contact that is intimately knowledgeable about their issues and fully answerable for their satisfaction. Most important, Stone Coast Account Managers fully identify with the entrepreneurial mission of their clients and function as a true extension of the manager’s own professional team. This approach is made possible by a Stone Coast team that averages ten years of industry experience, with most staff having held senior positions at other firms. With zero staff turnover since inception, Stone Coast offers a concentration of staff quality and experience unsurpassed among administrators.