Valuation of illiquid securities and instruments using a three-pronged approach:

• Mark-to-model financial modeling and best of breed tools to estimate value.
• Comparable analysis by reviewing similar securities and their available prices and using these to imply value.
• Market data analysis including available broker quotes, market liquidity estimates, and historical price data to estimate exit values.

We use these three approaches to estimate economic value and then review relevant accounting statements such as FAS 157 to assess accounting "fair value". We provide comprehensive documentation of our analysis to simplify the financial audit process.

Mark-to-market process development to create a "valuation framework" consisting of:

• Policies and procedures for marking-to-market of each product type, profit and loss reporting, and establishing risk alerts and limits, and accounting for each trade and entity and portfolio aggregations. Assist in drafting a detailed pricing policy manual (PPM) for distribution to investors and fund administrators.
• Model pricing infrastructure implementation of pricing models, linked to market data feeds and portfolio systems.
• Accounting and Audit documentation of accounting rules for each instrument type and aggregation rules at the portfolio and reporting entity level complying with US GAAP and IAS. Our current focus is on FAS 157/159 and the impact on SEC-registered investment advisers.

Thought leadership and expert advice on market events, especially valuation challenges resulting from volatility and dysfunctional market environments.

We provide our clients with extensive training, so that they understand our valuation techniques and can "in source" key valuation processes.