NAFAA marks its first birthday

The North American Fund Administration Association (NAFAA) marked its first birthday on 1 February.

The association was launched last year to enhance the alternative fund administration industry.

Chris Meader, founder of NAFAA, thanked the nine firms who have become members over the last year. They include Apex, Basiz, Centaur, Circle, Horseshoe, IPS, Stone Coast, Sudrania and Ultimus.

Meader explained that much for the first year was spending “spreading the word about the association and gathering feedback on opportunities to improve the industry”.

He said: “We had conversations with representatives from over 75 alternative fund administrators and with nearly unanimous support for the goals of the association. We also met with representatives from the hedge and private equity fund managers, institutional investors, capital allocators, lawyers, auditors and due diligence providers who voiced their support as well.”

Last year, NAFAA held two admin-only events in New York that brought together representatives from over 35 different administration firms to discuss SEC examinations and administering crypto funds.

In addition, November saw the initiation of its member working groups where operational leaders from each member meet to discuss and agree on minimum standards and best practices for the industry as well as discuss operational risks, issues and trends that are impacting the industry.

Looking forward to the next 12 months, Meader noted that the association will continue “working groups, all industry events and work with our members to identify additional opportunities to improve the alternative fund administration industry”.