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1、GROWTHPLAYBOOKf or US fund man a g e rsT M F G R O U P|2 0 2 4GROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUPTABLE OFCONTENTSAuthorsForewordPlay One:Raising Fresh CapitalPlay Two:Optimising Fund FinancePlay Three:Consider ConsolidationPlay Four:Embrasing DisclosureESG Disclosure2024345810121420243AUT

2、HORSSC OT T TO M I NAG AMANAGING DIRECTORScott has over 30 years of experience in the financial services and alternative investment industry.Prior to joining TMF Group,Scott co-founded the fund administrator,PartnersAdmin in 2008,which was acquired by TMF in 2023.He has an extensive understanding of

3、 the middle and back office,accounting,compliance,and administrative functions within financial services firms.He began his career as a FINRA regulator and was employed for nearly 20 years in investment management,both on the buy and sell sides.During his tenure in the industry,he has been responsib

4、le for all aspects of back-office operations on a daily basis,including investor relations and marketing.Scott earned his B.S.degree in Business Finance from Arizona State University.GROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|Howard is a Global Account Director for TMFs largest fund sponsor clie

5、nts.Prior to joining TMF Group Howard built a hedge fund seeding business and has provided strategic advice in operations,governance and fundraising to fund managers.Howards experience spans capital raising,financing,and operations for hedge funds,private equity,venture capital,private credit and ot

6、her fund types in all stages of their lifecycle and across all asset classes and strategy categories.His previous roles include Head of Business Development&Relationship Management for the Spear,Leeds&Kellogg division of Goldman Sachs,and he has also held corporate finance roles with Manufacturers H

7、anover Trust and National Westminster Bank.H O WARD B.E I SENGLOBAL ACCOUNT DIRECTORGrowing a US fund management business has rarely been more challenging.A difficult macro environment,changing expectations of institutional investors,fierce competition,increasing regulatory and reporting burdens,and

8、 fee compression present a generational set of problems with which senior leaders within the industry are grappling.On top of this,there are the increased costs and complexity of the operations that are needed to support an existing business,let alone grow that business.We contend that growth is pos

9、sible and suggest a number of strategies that firms can adopt to achieve that growth.But it all starts with a simple question that senior fund management leaders need to ask themselves:If a firm has reached the point where its non-investment side is nearly as big as the investment side,business owne

10、rs should examine this concentration of people,costs and risks.Re-thinking and optimising the operations side of the business creates the space needed for growth.There are many ways in which this can be seen.The costs of administering a new fund can be aligned with the cash flow of that fund,rather

11、than being taken upfront.Marketing into new jurisdictions can be undertaken by leaving the compliance and administrative necessities to outside experts.Certainly,corporate events that only happen once in a business or fund lifecycle such as a merger,acquisition,or secondary transaction can be best e

12、xecuted by having seamless operational support that brings maximum efficiency to a complex situation.In this Growth playbook for US fund managers we will look at four key growth strategies that many of our clients are considering.These plays include:raising fresh capital for new asset classes and fr

13、om different pools of investors;optimising the finances of fund vehicles through secondaries,continuation funds and NAV finance;exploring avenues of consolidation,either as an acquirer or a seller/acquiree;and embracing new disclosure requirements and expectations,and turning them into a strategic p

14、illar of client relationships.We hope that you find this playbook useful and that it gives you food for thought.FOREWORDHoward EisenStrategic Client DirectorTMF GroupScott TominagaManaging DirectorTMF GroupAre we an investment firm,or are we an operations firm?20244GROWTH PLAYBOOK FOR US FUND MANAGE

15、RS|TMF GROUP|One notable strategy for growth has been to raise funds from new channels and new types of investors.In particular,firms in the private equity,venture capital,private debt,infrastructure and other alternative asset classes have been raising new capital from high net worth retail investo

16、rs by accessing wealth management firms.Figures show that for many managers it is still a relatively untapped market.According to a recent report from Bain&Company,retail investors account for over half of all 20245“One of the most pronounced trends that weve been seeing over the course of the last

17、18 to 24 months in private fund asset raising is managers moving from institutional to retail,”says Daniel Max,Head of Global Solutions at TMF Group.“They are doing this in a multifaceted way,whether its targeting the new alternative investment platforms such as Moonfare or iCapital,or going directl

18、y to wealth management firms and investment advisers such as Morgan Stanley or UBS.It is clearly an enormous trend.”The constrained capital raising environment for fund managers in the US is well attested.High inflation and elevated interest rates have led to poor performance for some asset classes.

19、Moreover,with the risk free rate hovering between 4%and 5%,the hurdle for fresh allocations is higher.And there are more managers competing for allocator dollars.Within this challenging picture,however,there are plays that fund managers can undertake to raise new funds and grow their business.Retail

20、-isation thewealth managementchannelP L A Y O N ERAISINGFRESH CAPITALIn a challenging and increasingly competitive fundraising environment,how can US fund managers best access new sources of capital?GROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|investment assets under management(AUM)globally,but on

21、ly 16%of alternative investment AUM.Bain forecasts that while institutional allocations to alternative assets will rise by 8%by 2033,the growth in retail and wealth allocations will be half as much again at 12%albeit from a much lower base.https:/ PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|This growing

22、 engagement works in two directions,with the fund managers attracted to the retail segment and the retail segment attracted to the returns and access to private markets that come with the alternatives sector.However,it should be emphasised that selling fund products to retail and individual investor

23、s can come with added complexity.From an operations perspective,there can be many more individual investors in a fund than there would be institutions.This creates a heavy investor relations burden and will require new distribution and communications capabilities.There are also regulations around ho

24、w these funds can be marketed that can be different from the those surrounding institutional fund marketing.There may also need to be different fund structures with different fee and liquidity provisions,all of which need to be fully addressed prior to launch.That said,the opportunity is there.Accor

25、ding to Bain,the value of this opportunity could be around$9 trillion of fresh capital for managers to access from the retail channel over the next decade.And,because this massive amount of capital is spread across a large and diverse list of investors,it tends to be stickier,as no one investors dep

26、arture represents enterprise risk for the fund manager.*Source:PwCProjected Growth of Allocationsto Alternative Fund Management2018202020222027 low2027 med2027 high12.815.11822.323.725.3AUM($trillion)https:/ investors both institutional and retail are an attractive source of new capital and growth f

27、or US fund managers.While it may be a well-trodden path,there are still obstacles that need to be overcome.In Europe,for instance,it is vital to understand the requirements of the Alternative Investment Fund Managers Directive(AIFMD),which has been in force in the EU since 2013.AIFMD has four pillar

28、s:1.disclosure around business conduct in areas such as risk management,remuneration and conflicts of interest;2.capital requirements;3.marketing practices and restrictions;and,4.investment safeguards through depositories and custodians.Overseas investors both institutional and retail are an attract

29、ive source of new capital and growth for US fund managers.While it may be a well-trodden path,there are still obstacles that need to be overcome.It is complex,but with an established partner,managers can outsource much of the operational lift and focus on investing.Similar but different regimes exis

30、t in other jurisdictions,such as the UK,Japan,Australia and countries in the Middle East.These are attractive markets,with investors keen to invest in US funds.Executing a successful market entry strategy takes understanding and collaboration.New geographiesMost fund managers tend to work within one

31、 asset class.It is their specialisation and provides a clear track record.Only the very largest fund managers offer funds that invest across multiple asset classes and strategies.However,there has been a bifurcation in performance between adjacent asset classes in 2023.At its simplest:public equity

32、has done well,private equity less so;public debt has struggled,private debt has done well;real estate has been hampered,infrastructure has done well.This bifurcation has made it compelling for managers to look at ways to grow and diversify their future revenue via setting up teams and vehicles that

33、invest in new and often adjacent asset classes.From an operations perspective this presents challenges,not least around reporting schedules,valuations,liquidity expectations and a host of other technical issues.Again,this is where outsourcing to seasoned third-party service providers can deliver sig

34、nificant operational efficiencies.New asset classesFresh capital is out there and US fund managers are finding ways to diversify both their investor base and their product line with new funds in new asset classes supported by new LP relationships.The opportunity is clear,with PwC and others forecast

35、ing a doubling of allocations into the alternatives space in just under ten years,between 2018 and 2027.Those who can best capture this fresh capital will be those with diversified offerings and with agile and efficient operations that are able to swiftly seize the moment.GROWTH PLAYBOOK FOR US FUND

36、 MANAGERS|TMF GROUP|https:/eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32011L0061“A medium-sized,US-based manager,with$2 billion to$7 billion under management,will have a lot to learn about how to navigate AIFMD and what they can and cant do with respect to issues such as marketing their fun

37、d,says Max.It is important to have a roadmap and get assistance in order to get traction in the EU.If a firm is looking to move from private equity and launch a credit product,for instance,but their existing equity operations teams are less familiar with credit,there is little point in trying to rec

38、reate a wheel that has already been successfully deployed over and over again,says Max.According to estimates,NAV Finance is a$100 billion market today and could rise to$500 billion in coming years4.The GP-led secondaries market has been somewhat more muted,due to the wider bid/offer spread between

39、the price expectations of buyers and sellers.According to investment bank Jefferies,the first half of 2023 saw a 25%decrease from last year in global secondaries volume,from$57 billion to$43 billion5.The macroeconomic backdrop for many private fund sponsors is challenging.High inflation,high interes

40、t rates and slowing growth are negatively impacting both valuations and market liquidity.For those operating in private equity,real estate and to a lesser extent infrastructure asset classes,this is posing particular challenges for deal flow and distributions.But there are solutions that enable such

41、 funds to ride out this period of economic uncertainty,which are being embraced by fund managers and LPs.In particular,secondary transactions,continuation funds and NAV finance all offer ways to optimise the finances of a fund vehicle,although each has its own characteristics at an operations level

42、that need to be taken into account.According to law firm Orrick,a traditional secondary transaction involves an LP selling its interest in one or more partnerships GP-led secondary transactions often restructure the ownership of one or more assets within their funds while providing a liquidity optio

43、n to existing LPs.A continuation fund transaction is a specific type of GP-led secondary transaction,which involves a sponsor-advised fund selling one or more portfolio companies to a newly formed continuation fund that is managed by the same sponsor and formed for the purpose of acquiring the portf

44、olio companies.NAV finance(or portfolio finance)is debt that is lent to P L A Y T W OOPTIMISINGFUND FINANCEThe growing use of NAV lending,continuation funds and secondary transactions are not just defensive tactics in a challenging market they can be used strategically to generate growth.the fund ve

45、hicle and backed by all the holdings of the fund as collateral.It is paid back before other distributions are made from the cash flows of the underlying assets.“There is clear,pent-up demand for these products,whether its NAV lending,continuation funds,or secondary sales,says Daniel Max,Head of Glob

46、al Solutions at TMF Group.Theres a lot of action.What these vehicles and transactions allow is for more time for managers to realise the value of their portfolio,and opportunities for capacity constrained LPs to free up some liquidity and lock-in a profit.”20248GROWTH PLAYBOOK FOR US FUND MANAGERS|T

47、MF GROUP|https:/ explanation for the rise in popularity for NAV finance and the more muted secondaries market is that the operational workload involved in completing a secondaries transaction is much higher than for a NAV finance deal.Heavy operational lift20249GROWTH PLAYBOOK FOR US FUND MANAGERS|T

48、MF GROUP|Total#GP-led*Source:Jefferies2017201820192020202120222023E0 20 40 60 80 100 120 140Typically,a secondaries transaction will involve intense data gathering on all aspects of the portfolio and the creation of highly detailed deal documents.It will involve investment banks and outside counsel.

49、The process can take months with staff dedicated to it for multiple hours in the day.Advanced technology plugged into an outsourced administrators systems can make that process much quicker and simpler.This allows a fund manager and also LPs to undertake deep analysis of their portfolio,including po

50、rtfolio company metrics from revenue,balance sheet and EBITDA to the more sophisticated analysis on areas such as ESG considerations and geographic revenue information.Such liquidity strategies can be contentious.Indeed,there are concerns that NAV finance can be seen as adding leverage onto already

51、levered companies.Moreover,the use of proceeds needs to be accretive to the value of the portfolio as a whole,and not,for instance,paid out as distributions to LPs.Nevertheless,these vehicles and products are providing a lifeline to managers who are looking to hold on to valuable assets until they c

52、an and ride out this period of market turbulence.Fund finance vehicles allow fund sponsors to keep their assets until markets become more accommodating,be that IPOs,strategic M&A or refinancing,says Max.But whether this will be done in the form of a secondary,or a NAV finance facility,or a continuat

53、ion fund,fund sponsors will need to get deep into the portfolio,demonstrate the value of that remaining portfolio and have the backup to defend this valuation.“Up until a year or so ago,you could get a secondaries transaction done at 91%even up to 95%on the dollar,and investors were fine with that,n

54、ot least because they had already locked in an attractive IRR on the position,”says Max.“But now the discount is often down to the low 80s,and that is just too steep a discount for a selling LP to accept.”P L A Y T H R E ECONSIDERCONSOLIDATION202410“Nearly three-quarters of asset managers(73%)are co

55、nsidering a strategic consolidation with another asset manager in the coming months,”the PwC report concluded.A wave of consolidation is on the horizon as US fund managers look to achieve the scale necessary to compete for client mandates.According to data provider IBIS World,there were 13,668 priva

56、te equity,hedge funds and other private investment vehicles businesses in the US at the of 2022.This number has grown 0.9%a year on average over the five years between 2017 and 20226.These numbers suggest that there has not been any consistent or concerted consolidation in the US investment manageme

57、nt industry in recent years.But experts say this is going to change,and change rapidly.“We have not seen a large wave of consolidation yet,but I think we are approaching the precipice where we will,”says Daniel Max,Head of Global Solutions at TMF Group.Achieving scale and growth through mergers and

58、acquisitions is not unknown in the public fund management industry but private fund sponsor mergers tend to be one off events rather than formal practice.That could all be about to change.A survey of 250 fund managers and 250 institutional investors conducted by PwC in the summer of 2023,showed the

59、expected level of consolidation that is to come.The respondents estimated that by 2027 the ten largest asset management firms will control half of all assets.The other half will be fought over by all the rest,including alternative investment firms.As a result,16%of all current fund management firms

60、are expected to have been consolidated(either bought or shut down)by 2027.https:/ PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|The drivers of this wave of expected consolidation are clear.Firstly,revenue is stalling.“According to a report by Boston Consulting Group and quoted by Bloomberg,since 2006,90%o

61、f new revenue taken in by asset management firms has been due to rising markets,or performance,not from new client money coming into the funds7.”It has been a challenging environment for traditional asset managers fund raising for many years,as ever larger competitors and passive strategies have del

62、ivered ongoing fee compression.This is now affecting the private fund managers as well.“The capital raising environment is now much more challenging for private equity funds in particular,”says Max.“The large alternative investment managers still have the leverage to raise money for new funds but mi

63、d-sized and smaller firms do not have the same ability.”Middle market firms that announced a target of raising$1.5 billion are perhaps only raising$800 million,or they may have set a target to raise$2 billion and have only raised$1.3 billion.“AUM growth,and therefore revenue growth,is getting harder

64、 and harder to generate.What is likely to happen is that these firms will go through a few of these difficult vintage cycles and realise they can command much greater leverage with the LP community if they are bigger players,launching bigger funds,and getting access to the most compelling deals and

65、co-investments,”says Max.“The reality is that if youre a middle market or small sized fund,you are now fighting tooth and nail for the whats left after the biggest managers have raised their funds.”The first wave of this can already be seen in the number of funds being launched to acquire minority s

66、takes in established managers,and the increasing numbers of managers who have actually sold minority stakes in their firms to those funds.These stakes sales are generally around 20%and allow the principals of a private equity firm to both monetise some of their ownership and realise value from their

67、 company,and at the same time take in fresh capital that can stimulate further growth and expand their organization.202411One of the key attractions of consolidation is the ability to merge operational costs,thereby enjoying economies of scale.However,the opportunity could be even larger.Significant

68、 additional operational gearing can come from outsourcing to a third party administrator which spreads the operational costs over a much larger base of funds-specifically the hundreds or thousands of funds served by that third party administrator.Whats more,the administration costs are typically all

69、ocated to the funds,driving additional cost-savings benefits to the manager while simultaneously giving investors the independent reporting they prefer in their own operational due diligence.Building this level of efficiency into a consolidation program can ensure optimal success and growth.Indeed,u

70、ndertaking such a programme before embarking on a consolidation exercise can also be a sensible strategic move.This is due to a recent shift in valuation methodologies.Historically,fund managers were valued based on a percentage of the assets under management(AUM).This directly rewarded scale withou

71、t considering efficiency.However,recently,the valuation methodology has shifted to one where fund managers are valued on a multiple of EBITDA.This rewards not only scale,but also profitability and efficiency.Those firms who may be seeking a strategic transaction should consider optimizing their cost

72、 structure and maximize EBITDA in anticipation of any transaction to maximise value.Operational gearinghttps:/ PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|202412On 23 August 2023,the SEC adopted a new set of rules for private fund advisors under the Investment Advisors Act of 1940.These are wide-ranging

73、 in their scope and contentious in their application.Indeed,some industry bodies have launched legal action in order to have them trimmed back,or even scrapped.The new rules will add another layer to the compliance and disclosure burdens that private fund sponsors have to carry.They stipulate that f

74、unds need to have an annual audit and quarterly statements.They also demand that private fund sponsors not give any prefer-ential treatment to any of their investors and restrict fund sponsors from engaging in certain activities such as charging their investors for regulatory or compliance costs,or

75、clawing back taxes.P L A Y F O U REMBRACINGDISCLOSUREFund managers can embrace disclosure to give themselves a competitive edge in their relationships with their investors.However,there are provisions to these rules that allow certain activities to go ahead if they are disclosed and,in some cases,if

76、 funds have obtained specific consent.At the time of the new rules being adopted,the SEC wrote:“To better protect investors,the final rules will prohibit all private fund advisers from providing investors with preferential treatment regarding redemptions and information if such treatment would have

77、a material,negative effect on other investors.In all other cases of preferential treatment,the Commission adopted a disclosure-based exception to the proposed prohibition,including a requirement to provide certain specified disclosure regarding preferential terms to all current and prospective inves

78、tors.”GROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|202413“Private funds and their advisers play an important role in nearly every sector of the capital markets,”said SEC Chair Gary Gensler.“By enhancing advisers transparency and integrity,we will help promote greater competition and thereby effici

79、ency.”The emphasis is clear:disclosure and consent have to be central to fund sponsors relations with their investors.For decades,many fund managers believed in operational secrecy.The only data that was disclosed to their inves-tors being the monthly,quarterly and annual performance data.How that w

80、as achieved from investments,risk management and operations was deemed to be their secret sauce and,consequently,nobodys business but theirs.This has changed completely.Firstly,as we have seen,regulators have heightened expectations of what needs to be disclosed across a wide range of material infor

81、mation.Regulators have also detailed how these disclosures are to be made by,for instance,detailing that placing disclo-sure in a virtual data room is insufficient;managers need to communicate that a disclosure has been made through a separate electronic notification.Secondly,investors themselves no

82、w have much greater need for access to the data that is being disclosed.They want to know performance data at a position level.They want to know the basis on which valuations are being calculated,and other information which informs their understanding of where performance data is derived.They also h

83、ave their own sustainability obligations for which they need detailed information from all funds in Radical transparencyRather than seeing this as a burden,fund managers can view it as an opportunity.By embracing a culture of disclosure,they can deepen the relationship with their investors,boosting

84、a sense of trust,participation and partnership.This is beneficial when it comes to raising fresh capital,launching new products and retaining investors as clients during periods of underperformance.According to Max,disclosure can be a differentiator if the manager is streamlined and compliant with r

85、egulatory changes.“Fund managers should invest in Disclosure as a growth playthe right technology,which helps them to service the fund and quickly generate the increasingly detailed reports and disclosures that investors are looking for.”What is clear is that the LPs themselves do welcome the increa

86、sed levels of disclosure that are coming from their allocations to GPs.We appreciate the intention of the SECs Private Fund Advisers final rule to promote greater governance,alignment and transparency across private funds,said Jennifer Choi,CEO of the Institutional Limited Partners Association(ILPA)

87、,the industry body for institutional investors.Were heartened to see the rule take steps forward on fee and expense reporting and begin to address persistent conflicts of interest weve observed for some time,such as with GP-led secondaries transactions.The direction of travel is clear:LPs and the re

88、gulatory authorities expect more disclosure,better disclosure,and more timely disclosure.That trend is not going away and managers would do well to embrace it.which they invest.This could range from the gender balance of the manager,to the sustainability scores of the underlying investments.Fund man

89、agers looking to raise funds from public pension plans,university endowments or other philanthropic endowments need to be prepared for levels of disclosure far greater than they may have been used to.You cant even start thinking about growth unless you have best practice operations and disclosure.it

90、 certainly needs to be institutional quality,says Daniel Max,Head of Global Solutions at TMF Group.If you have attracted the interest of an institutional investor,you need to show that you understand the importance of disclosure,reporting,and giving your investors the exact information they need.Thi

91、s shows you understand the need for LPs to get the information theyre looking for,when they need it.GROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|https:/www.unpri.org/about-us/about-the-pri8202414the right technology,which helps them to service the fund and quickly generate the increasingly detaile

92、d reports and disclosures that investors are looking for.”What is clear is that the LPs themselves do welcome the increased levels of disclosure that are coming from their allocations to GPs.We appreciate the intention of the SECs Private Fund Advisers final rule to promote greater governance,alignm

93、ent and transparency across private funds,said Jennifer Choi,CEO of the Institutional Limited Partners Association(ILPA),the industry body for institutional investors.Were heartened to see the rule take steps forward on fee and expense reporting and begin to address persistent conflicts of interest

94、weve observed for some time,such as with GP-led secondaries transactions.The direction of travel is clear:LPs and the regulatory authorities expect more disclosure,better disclosure,and more timely disclosure.That trend is not going away and managers would do well to embrace it.Fund managers are inc

95、reasingly expected to adhere to ESG principles when investing.The UNs Principles for Responsible Investing(UNPRI)8 is an industry group that promotes responsible investing.Fund managers sign up to the body and then agree to adhere to its principles.Two of the six principles are specifically around d

96、isclosure,showing how deeply intertwined disclosure is with responsible investing.ESG DISCLOSUREPrinciple 3We will seek appropriate disclosure on ESGissues by the entities in which we invest.Principle 6We will each report on our activities andprogress towards implementing the Principles.GROWTH PLAYB

97、OOK FOR US FUND MANAGERS|TMF GROUP|202415US fund managers selling funds into Europe will already fall into scope for the EUs Sustainable Finance Disclosure Regulation(SFDR)and the UKs Sustainability Disclosure Regime.In 2022,the US SEC proposed a new rule called Enhanced Disclosures by Certain Inves

98、tment Advisers and Investment Companies about Environmental,Social and Governance Investment Practices9.While still a proposal and despite some industry misgivings it is likely to bring a new ESG disclosure regime for US fund managers in their domes-tic market.The number of fund management firms tha

99、t have signed up to these Principles has grown exponentially over the years(see chart).This indicates that market practice on ESG disclosure will further permeate the US fund management industry.200620072008200920102011201220132014201520162017201820192020202163185361523734890105011861251138415011714

100、1951237230383820*Source:UN PRINo.of SignatoriesNUMBER OF SIGNATORIES TO UNPRIGROWTH PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|https:/www.responsible- PLAYBOOK FOR US FUND MANAGERS|TMF GROUP|TMF Group is a leading provider of critical administrative services,helping clients invest and operate safely ar

101、ound the world.Our 10,000 experts and 125 offices in 86 jurisdictions worldwide serve corporates,financial institutions,asset managers,private clients and family offices,providing the combination of accounting,tax,payroll,fund administration,compliance and entity management services essential to glo

102、bal business success.We work with 60%of the Fortune Global 500 and FTSE 100,and almost half the top 300 private equity firms,covering sectors as diverse as capital markets,private equity,real estate,pharmaceuticals,energy and technology.TMF Group we make a complex world simple.www.tmf-Disclaimer.Whi

103、le we have taken reasonable steps to provide accurate and up to date information in this publication,we do not give any warranties or representations,whether express or implied,in this respect.The information is subject to change without notice.The information contained in this publication is subjec

104、t to changes in(tax)laws in different jurisdictions worldwide.None of the information contained in this publication constitutes an offer or solicitation for business,a recommendation with respect to our services,a recommendation to engage in any transaction or to engage us as a legal,tax,financial,i

105、nvestment or accounting advisor.No action should be taken on the basis of this information without first seeking independent professional advice.We shall not be liable for any loss or damage whatsoever arising as a result of your use of or reliance on the information contained herein.This is a publi

106、cation of TMF Group B.V.,P.O.Box 23393,1100 DW Amsterdam,the Netherlands(contacttmf-).TMF Group B.V.is part of TMF Group,consisting of a number of companies worldwide.Any group company is not a registered agent of another group company.A full list of the names,addresses and details of the regulatory status of the companies are available on our website:www.tmf-.Jan 2024,TMF Group B.V.