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Berenberg Capital Markets LLC Berenberg Capital Markets LLC Statement of Financial Condition December 31, 2019 FILED PURSUANT TO RULE 17A‐5(e)(3) AS A PUBLIC DOCUMENT Berenberg Capital Markets LLC Contents Facing page to Form X‐17A‐5…………………………………………………………………………………………………..3A Affirmation of Officer………………………………………………………………………………………………………………3B Independent Auditors’ Report…………………………………………………………………………………………………..4 Statement of Financial Condition as of December 31, 2019………………………………………………………5 Notes to Financial Statements………………………………………………………………………………………………6‐17 2 Tel: 212-885-8000 100 Park Avenue Fax: 212-697-1299 New York, NY 10017 www.bdo.com Report of Independent Registered Public Accounting Firm Board of Directors Berenberg Capital Markets LLC New York, New York Opinion on Financial Statement We have audited the accompanying statement of financial condition of Berenberg Capital Markets LLC (the “Company”) as of December 31, 2019, and the related notes (collectively referred to as “the financial statement”). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2019, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion The financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company’s auditor since 2011. New York, New York March 2, 2020 BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. Berenberg Capital Markets LLC Statement of Financial Condition December 31, 2019 Assets Cash & cash equivalents $ 16,575,611 Financial instruments owned, at fair value 6,645,151 Due from clearing broker 4,520,128 Clearing deposit 1,000,000 Accounts receivable from Berenberg Bank 864,249 Accounts receivable 302,538 Due from customer 516,695 Property and equipment, net of accumulated depreciation of $3,288,299 8,778,403 Right‐of‐use assets 23,977,190 Prepaid expenses and other assets 1,262,146 Tax receivable 201,644 Total Assets$ 64,643,755 Liabilities and Member's Equity Liabilities: Accounts payable and accrued expenses $ 1,126,820 Compensation payable 6,313,090 Due to Parent 32,065 Operating lease liability 28,577,227 Fails to receive 516,695 Total Liabilities 36,565,897 Commitments and Contingencies (Note 7) Member's Equity: Member's equity 28,077,858 Total Member's Equity 28,077,858 Total Liabilities and Member's Equity$ 64,643,755 See accompanying notes to statement of financial condition. 5 Berenberg Capital Markets LLC Notes to Statement of Financial Condition 1. Business Berenberg Capital Markets LLC (“Company”), a Delaware limited liability company, is a registered broker‐dealer in securities under the Securities Exchange Act of 1934 and is a registered member of the Financial Industry Regulatory Authority (“FINRA”) as of November 9, 2011, incorporated on December 8, 2010 and commenced operations on January 1, 2011. The Company is engaged primarily in introducing customers to a foreign affiliate. The Company was wholly owned by Berenberg Americas LLC prior to October 31, 2019. Effective November 1, 2019, Berenberg Americas LLC was merged with Berenberg Asset Management LLC, an investment advisor registered with the SEC and remains the surviving company from the merger. The Company is now wholly‐owned by Berenberg Asset Management LLC (“Parent”). The Company conducts its Securities and Exchange Commission (“SEC”) Rule 15a‐6 activities on a receive versus payment ("RVP")/delivery versus payment ("DVP") basis. The Company is allowed to conduct a settlement system that stipulates cash payment must be made simultaneously with the delivery of a security. The Company is related through ownership to Joh. Berenberg, Gossler & Co. KG, (“Berenberg Bank”), an affiliated German financial institution based in Hamburg with the Parent as the intermediary holding company. Berenberg Bank has only been given the right to settle trades on behalf of the Company through the Prezioso interpreted letter in SEC Rule 15a‐6. On June 10, 2015, the Company was approved to conduct the sales and trading of U.S. securities as an introducing broker dealer. All transactions are cleared on a fully‐disclosed basis through Pershing LLC. The Company does not hold funds or securities for customers and does not carry accounts of customers. Accordingly, the Company operates under the exemptive provisions of SEC Rule 15c3‐ 3(k)(2)(i) for the 15a‐6 activities and under SEC Rule 15c3‐3(k)(2)(ii) for the U.S. securities business. 2. Significant Accounting Policies Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires Company management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 6 Berenberg Capital Markets LLC Notes to Statement of Financial Condition 2. Significant Accounting Policies (Continued) Cash and Cash Equivalents The Company considers all highly liquid investments, with maturities of ninety days or less, as cash and cash equivalents. Cash and cash equivalents held at financial institutions, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. As of December 31, 2019, restricted cash of approximately $3,074,900, is included in cash and cash equivalents. Restricted cash is collateral for a letter of credit on an operating lease. As of December 31, 2019, the Company maintains a cash account of approximately $256,000 with Berenberg Bank. Fair Value of Financial Instruments The carrying value of the Company’s assets and liabilities, which qualify as financial instruments, approximate fair value. The Company values all investments at fair value. U.S. GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that market participants would use in pricing the investment based on available market data. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the investment based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 ‐ Valuations based on quoted prices in active markets for identical investments. Level 2 ‐ Valuations based on (i) quoted prices in markets that are not active; (ii) quoted prices for similar investments in active markets; and (iii) inputs other than quoted prices that are observable or inputs derived from or corroborated by market data. Level 3 ‐ Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the overall fair value measurement. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, such as, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. 7 Berenberg Capital Markets LLC Notes to Statement of Financial Condition
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