HEDGE FUND AUDITORS HEDGE FUND AUDITORS We Examine the Activity of Hedge Fund Auditors by Client Fund Type, Size, Location and More

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HEDGE FUND AUDITORS HEDGE FUND AUDITORS We examine the activity of hedge fund auditors by client fund type, size, location and more.

Fig. 1: Fund Auditors Servicing Single-Manager Hedge Funds (As at May 2018) Fig. 2: Fund Auditors Servicing CTAs (As at May 2018) No. of Known Proportion of Hedge No. of Known Firm Hedge Funds Funds Launched in Last Firm Serviced 12 Months Serviced CTAs Serviced EY 2,721 28% KPMG 157 PricewaterhouseCoopers 2,537 17% EY 107 KPMG 2,528 22% PricewaterhouseCoopers 98 Deloitte 1,268 11% Deloitte 64 RSM 501 3% Cohen & Company 48 EisnerAmper 368 2% RSM 28 BDO 334 1% BDO 17 Grant Thornton 302 2% EisnerAmper 16 Spicer Jeffries 245 1% Spicer Jeffries 11 Cohen & Company 111 1% Grant Thornton 9

Source: Preqin Source: Preqin

Fig. 3: Fund Auditors Servicing Funds of Hedge Funds Fig. 4: Market Share of Leading Fund Auditors Servicing Hedge (As at May 2018) Funds (As at May 2018) No. of Known Funds of Firm Hedge Funds Serviced EY 23% PricewaterhouseCoopers 355 KPMG 319 PricewaterhouseCoopers 22% EY 304 Deloitte 206 KPMG 21% RSM 56 EisnerAmper 55 Grant Thornton 44 Deloitte 11% BDO 35 CohnReznick 20 RSM 4% Spicer Jeffries 18 0% 5% 10% 15% 20% 25% Source: Preqin Proportion of Funds Serviced Source: Preqin

Fig. 5: Market Share of Big Four Auditors Servicing Hedge Funds Fig. 6: Market Share of Big Four Auditors Servicing Hedge Funds by Fund Manager Location (As at May 2018) by Fund Size (As at May 2018)

North $1bn or More 32% 38% 14% 11% 20% 18% 22% 10% America $500-999mn 26% 30% 25% 10%

Europe 27% 29% 21% 15% $250-499mn 22% 25% 21% 16%

$100-249mn 22% 25% 23% 10% Asia-Pacific 39% 32% 10% 7%

$50-99mn 19% 22% 22% 13% Rest of 15% 21% 43% 15% World Less than $50mn 14% 18% 24% 11%

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%

Proportion of Funds Using Big Four Auditor Proportion of Funds Using Big Four Auditor EY PricewaterhouseCoopers KPMG Deloitte EY PricewaterhouseCoopers KPMG Deloitte Source: Preqin Source: Preqin

Fig. 7: Most Utilized* Fund Auditors Servicing Hedge Funds by Fund Manager Location (As at May 2018) North America Europe Asia-Pacific Rest of World KPMG PricewaterhouseCoopers EY KPMG EY EY PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers KPMG KPMG EY Deloitte Deloitte Deloitte Deloitte RSM Grant Thornton RSM BDO EisnerAmper BDO BDO Grant Thornton BDO Mazars HLB International Mazars Spicer Jeffries RSM Grant Thornton Baker Tilly Virchow Krause Grant Thornton ReviTrust Moore Stephens Elliott Davis Cohen & Company Baker Tilly Virchow Krause Nexia Baker & Arenson RSM

Source: Preqin

Fig. 8: Most Utilized* Fund Auditors Servicing Hedge Funds by Structure (As at May 2018) Single-Manager Hedge Funds CTAs Funds of Hedge Funds EY KPMG PricewaterhouseCoopers PricewaterhouseCoopers EY KPMG KPMG PricewaterhouseCoopers EY Deloitte Deloitte Deloitte RSM Cohen & Company RSM EisnerAmper RSM EisnerAmper BDO BDO Grant Thornton Grant Thornton EisnerAmper BDO Spicer Jeffries Spicer Jeffries CohnReznick Cohen & Company Grant Thornton Spicer Jeffries

Source: Preqin

Fig. 9: Most Utilized* Fund Auditors Servicing Hedge Funds by Fund Size (As at May 2018) Less than $50mn $50-99mn $100-249mn $250-499mn $500-999mn $1bn or More KPMG PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers KPMG KPMG EY EY EY EY EY EY KPMG KPMG KPMG Deloitte Deloitte Deloitte Deloitte Deloitte Deloitte RSM RSM RSM Grant Thornton Grant Thornton Grant Thornton BDO Grant Thornton BDO RSM RSM BDO Spicer Jeffries EisnerAmper EisnerAmper EisnerAmper BDO EisnerAmper EisnerAmper BDO Grant Thornton BDO EisnerAmper RSM Grant Thornton Cohen & Company Cohen & Company Anchin, Block & Anchin CohnReznick Kreischer Miller Cohen & Company Tait Weller Anchin, Block & Anchin Spicer Jeffries Anchin, Block & Anchin Cohen & Company

Source: Preqin

We hope that you find the data in this report useful and welcome any feedback you may have.

If you would like to learn more about the methodology used or share data for our future reports, please contact [email protected] or get in touch with your account manager.

*Ranked by number of funds serviced.

Unless otherwise noted, firms are included in tables based on number of known funds serviced within the given criteria. In the event of a tie, firms with the same number of known fund clients will be ranked according to the funds’ aggregate value. If you would like to learn more about the methodology used or share data for our future reports, please contact [email protected].