Flexibility is Key to Effectively Managing a Complex Multi-Strategy Fund
Client
Boothbay Fund Management
Background
Launched in 2012, Boothbay Fund Management manages two global multi-strategy, multi-manager platforms with approximately $2 billion in assets under management. Using dozens of internal and external managers across asset classes and financial instruments, its investment thesis involves a range of investment strategies with broad industry, sector, style and geographic diversification. In 2015, when their previous fund admin exited the business, Boothbay initiated a search for a replacement that could handle their sophisticated requirements. Daniel Bloom is Chief Financial Officer and has been with the firm since 2011.
How NAV Helped
Accurate Information is Key to Boothbay Operations
Challenge
Boothbay’s intricate multi-advisor platform demands an experienced, well-informed team.
Solution
NAV has proven its ability to support Boothbay’s multi-advisor platform with more than a hundred active portfolio managers, each trading unique products, and each with a different fee structure.
Outcome
“With a large number of unique, underlying managers, we frequently get operational and reporting questions that require an extremely knowledgeable team. The ability to handle that range of detailed questions is what we value most about working with NAV,” Bloom said.
Time of Response is a Valued Metric
Challenge
Boothbay’s complex fund structure and many moving pieces require daily communication.
Solution
NAV provides timely responses and solutions.
Outcome
“NAV does a great job of providing timely, accurate answers. Their response time is excellent. For example, we just finished an audit and our auditors had many questions and needed fast responses, both during and outside of normal business hours. NAV was always available,” Bloom noted.
Cost for Value a Prime Evaluation Component
Challenge
Boothbay sought competitive fees for their administration services.
Solution
NAV charges Boothbay a fee that is far more competitive than their prior provider, while delivering more robust reporting.
Outcome
“We needed a solid platform supporting multi-strategy funds, timely responsive service, and cost-effective pricing. We chose NAV because they met and continue to meet all of these needs,” Bloom said.
An Ever-Evolving Fund Structure Demands Flexible Technology
Challenge
Given Boothbay’s complexity, there are frequent requests for custom reporting.
Solution
NAV can handle all requests with its proprietary technology, which is upgraded regularly and built to scale.
Outcome
“We value the flexibility of the technology. We have a unique way of looking at things and need our reports to reflect that,” Bloom explained. “We have requested very specific changes to our reports and NAV is always able to accommodate our requests. NAV understands the complexity of our reporting and they are very responsive to our customization requests.”
Custom Solutions Required for Operational Efficiency
Challenge
Boothbay’s unique, diverse structure sometimes demands additional specialized resources.
Solution
Since Boothbay works with many service providers, NAV often goes the extra mile to provide data integration assistance and pool additional resources to meet the need.
Outcome
“When complex projects arise, NAV can allocate additional well-informed resources on short notice to meet the demand,” Bloom said.
