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Socium Fund Services 4Q23 Newsletter: A Year In Review

Happy Holidays! 

As the year draws to a close and we find ourselves on the cusp of a new beginning, it’s the perfect moment to reflect on the journey we’ve shared throughout the past twelve months. The year 2023 has been a whirlwind of events, accomplishments, challenges, and growth for us all.

In this special edition of our newsletter, we’ll take a moment to celebrate the milestones we’ve achieved together, revisit some of the highlights that have defined this year, and express our gratitude for your unwavering support and involvement.

Join us as we take a walk down memory lane to mark the memorable moments, achievements, and community highlights that have marked 2023 for us.

From all of us at Socium Fund Services, it’s been an honor to have had your continued trust and support. As we bid farewell to 2023, let’s anticipate the promising horizons that await us in the coming year.

Beth and Michael

Defining Opportunities in Private Market Investing- Real Estate Debt

Private Credit Fund Admnistration Solutions

On October 24th, Socium had the pleasure of moderating a roundtable discussion featuring a lineup of panelists from Day Pitney LLP, Silver Heights Capital, Gatewood Capital Partners, and Marcum LLP. The discussion focused on examining challenges within the current real estate debt market across multiple asset classes, in addition to the recently introduced Private Fund Rules.

The discussion covered five key topics.

  • Fundraising and Lending
  • Private Fund Rules
  • Restricted Activities Rules
  • Portfolio Investment Level Disclosure
  • Custody Rules

Reach out to a member of our team to gain access to the webinar recording.

Socium Bolsters Private Credit Service Offering

In early 2023, Socium bolstered its private credit offering with new hires, upgraded technology, and expanded middle and back-office services. In May, we welcomed Harvey Tian to our team as the Head of Loan Agency and Loan Administration.  

This summer, we announced a partnership with Broadridge Financial Solutions, where we implemented the Sentry loan portfolio management technology solution. Read the press release here.

AAPL Conference

In November, Michael Von Bevern and Matt Reynolds attended the Annual Association of Private Lenders Conference in Las Vegas.

Michael was a panelist on the Creating Institutional Grade Performance panel, where he discussed best practices for implementing effective capital raising methods, policies, and procedures, as well as the importance of accurately identifying, maintaining, and balancing loan quality.

Socium Insights

In a recent whitepaper, Michael Von Bevern discussed a new accounting standard introduced by the Financial Accounting Standards Board (FASB): Current Expected Credit Losses (CECL). The primary goal of CECL is to provide a more forward-looking approach to recognizing credit losses on financial instruments, such as loans and debt securities. This new standard replaces the previous “incurred loss” model with an “expected loss” model.

In the whitepaper, Michael discusses CECL’s impact on various financial institutions and how to adopt it into your financial reporting process. Download the white paper here.

Partner Thought Leadership

Our industry network shared insight into some of the most pressing topics affecting private funds today.

The new Marketing Rule was significant as it was the SEC’s first substantive amendment since the adoption of the advertising rule in 1961. Patrick Gallagher of altPILOT discuss  the significant changes pertaining to investment adviser marketing. Read altPILOT’s comprehensive overview of the new Marketing Rule here.

ESG Investing

Depending on where you get your news, you might see a lot of political chatter about ESG being part of the “woke” agenda.  K2-Integrity‘s Chief Business Development and ESG Officer, Neelam Sharma, discusses why she sees things differently in an article titled, “ESG Investing: No Noise, No Greenwashing—Just the Facts.

On August 23, 2023, the SEC voted 3-2 to adopt new rules and amendments for private fund advisers under the Investment Advisers Act of 1940. The new rules are expected to have a major impact on both registered investment advisers and exempt reporting advisers. Day Pitney LLP summarize the complex rules in a recent article titled Navigating the SEC’s New Private Fund Rules: Challenges Ahead for Sponsors and Advisers.

Suntera News

Tortoise Takeover

Suntera Global’s Jersey office is one of the giant sculpture sponsors for Durrell Wildlife Conservation Trust’s Tortoise Takeover. All funds raised from this worthy cause went towards creating an environmentally friendly, modern and sustainable Tropical House at Jersey Zoo.

Channel Islands Guernsey

On May 16, Suntera Global announced the acquisition of Carey Commercial Limited, a boutique Fund, Corporate and Private Wealth service provider. Read the press release here.

Let’s Celebrate

Every year, our team eagerly anticipates the highlight of our social calendar: the annual dinner. This highly anticipated event is where we gather to revel in an evening filled with laughter, camaraderie, and delicious food. 

We are grateful to work with a remarkable group of talented individuals who work diligently to provide excellent service for our clients. We wouldn’t be where we are today without each and every member of our team.

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