Sound Fund Advisors
ExperienceIntegrityPartner
We are a team of experienced directors working with hedge funds and leading asset managers to help their businesses and to provide institutional quality fund governance
Our Strengths
EXPERIENCED
We are experienced board members working across a variety of alternative investment strategies in onshore and multiple offshore jurisdictions.
CLIENT RELATIONSHIPS
We manage our capacity carefully, below industry norms, to be available for clients, especially during periods of market stress.
OPERATIONS FOCUSED APPROACH
We bring investment management and operational due diligence experience that is highly valued by fund investors, complementary to board skill sets and a helpful resource to managers.
MULTIDISCIPLINARY
At SFA, we encourage and support active engagement in complimentary roles, such as ODD, to further enhance our governance capabilities. We always seek to achieve a win-win outcome for managers and investors.
RECOGNIZED BY INSTITUTIONAL INVESTORS
SFA has been vetted and supported by many of the largest global allocators and consultants.
OFFSHORE EXPERTISE
We are knowledgeable directors in key offshore jurisdictions, including the Cayman Islands, BVI, Bermuda and Ireland. AlI SFA directors are registered with CIMA and can serve on any Cayman domiciled fund entities.
BOUTIQUE SERVICE
SFA is wholly owned by the principals and is not affiliated with any other businesses that would represent a conflict of interest. We take conflict seriously.
US-BASED, GLOBAL REACH
We are located in the New York area to be close to the networks that matter to our clients. We work with managers that are based in North America, UK, Europe and Asia.
OUR TEAM
Jonathan Morgan
Jonathan Morgan is the founding Principal of Sound Fund Advisors LLC, a firm founded in March 2011 that provides independent governance to private and ‘40 Act funds. He is a Registered Professional Director in the Cayman Islands. He has over 22 years of experience in the financial markets, including nine years of investment experience as a strategist or portfolio manager at three different hedge funds: Caxton Associates (1993-1996), Croesus Capital Management (1997-1998) and Parallax Capital Management (1999-2002). In addition, Mr. Morgan has more than nine years of experience researching and investing in hedge funds. He was the Head of Research and Portfolio Management in the Alternative Investment Group of Julius Baer Investment Management (2002-2005) where he supervised both investment research as well as the operational risk group. In 2005, Mr. Morgan joined Barclays Global Investors (2005-2009) as the Head of Manager Selection and subsequently became the Head of Investments for their Hedge Fund Management Group. In this position, he supervised a team of more twenty people in quantitative risk, portfolio management, investment research and legal and operational due diligence. Mr. Morgan also was the head of Barclays Global Investor’s New York office. In 2009, Mr. Morgan joined UBP Asset Management (2009-2011) as the Head of Global Hedge Fund Research. In that position, he was responsible for a global approved list of more than two hundred hedge funds with more than $15 billion in committed assets. Mr. Morgan chaired the Manager Selection Committee and was a member of the Investment Committee. Prior to 1993, Mr. Morgan worked for Morgan Stanley for five years. He has an AB from Princeton University (1986) an MPP from Harvard’s Kennedy School of Government (1990) and a MDIV from Yale Divinity School (2019).Jonathan Morgan
Director
- E : jmorgan at soundfundadvisors.com
Jonathan Morgan
Jonathan Morgan is the founding Principal of Sound Fund Advisors LLC, a firm founded in March 2011 that provides independent governance to private and ‘40 Act funds. He is a Registered Professional Director in the Cayman Islands. He has over 22 years of experience in the financial markets, including nine years of investment experience as a strategist or portfolio manager at three different hedge funds: Caxton Associates (1993-1996), Croesus Capital Management (1997-1998) and Parallax Capital Management (1999-2002). In addition, Mr. Morgan has more than nine years of experience researching and investing in hedge funds. He was the Head of Research and Portfolio Management in the Alternative Investment Group of Julius Baer Investment Management (2002-2005) where he supervised both investment research as well as the operational risk group. In 2005, Mr. Morgan joined Barclays Global Investors (2005-2009) as the Head of Manager Selection and subsequently became the Head of Investments for their Hedge Fund Management Group. In this position, he supervised a team of more twenty people in quantitative risk, portfolio management, investment research and legal and operational due diligence. Mr. Morgan also was the head of Barclays Global Investor’s New York office. In 2009, Mr. Morgan joined UBP Asset Management (2009-2011) as the Head of Global Hedge Fund Research. In that position, he was responsible for a global approved list of more than two hundred hedge funds with more than $15 billion in committed assets. Mr. Morgan chaired the Manager Selection Committee and was a member of the Investment Committee. Prior to 1993, Mr. Morgan worked for Morgan Stanley for five years. He has an AB from Princeton University (1986) an MPP from Harvard’s Kennedy School of Government (1990) and a MDIV from Yale Divinity School (2019).
Jonathan Morgan
Ramona Bowry is a Director at Sound Fund Advisors LLC (“SFA”). SFA, based in Darien, CT and New York, provides focused and active directorship services to institutional hedge funds and asset management firms. Until 2016 she was Senior Vice President and Head of Operational Due Diligence at MaplesFS. There, her focus was the performance of on-site operational due diligence (“ODD”) on investment managers whose funds MaplesFS professionals served as directors. She was responsible for managing the ODD process across Maples Fiduciary’s global teams, with the primary purpose of reducing operational risk for investment managers by critically assessing their control environments. Prior to joining MaplesFS in 2012, Ramona was a founding partner, director and company secretary of A.R.C. Directors Ltd., a Cayman domiciled professional services firm specialising in the provision of non-executive directors to the alternative investment industry. During her tenure at A.R.C. from 2005 to 2012, Ramona provided independent trustee and director services and was actively involved in the review and approval of the transactional documents used to govern trust and investment fund structures. Prior to that, Ramona was based in London where she was Director of Business Development at DPM Europe Ltd., an independent offshore hedge fund administrator which is now part of Bank of New York Mellon. There, she was responsible for promoting the firm’s administration, risk and transparency services to the European hedge fund industry. Ramona began her career as a risk analyst for Bright Capital, a hedge fund manager and trading adviser, during which time she acquired a sophisticated knowledge of and experience with hedge fund risk management techniques, including the application of quantitative analysis and software tools. Ramona is a FCA Securities & Financial Derivatives representative. She holds a Bachelor of Science in Economics and History from University College London.
Ramona Bowry
Director
- M : +1 347-691-1172
- E : rbowry at soundfundadvisors.com
Jonathan Morgan
Ramona Bowry is a Director at Sound Fund Advisors LLC (“SFA”). SFA, based in Darien, CT and New York, provides focused and active directorship services to institutional hedge funds and asset management firms. Until 2016 she was Senior Vice President and Head of Operational Due Diligence at MaplesFS. There, her focus was the performance of on-site operational due diligence (“ODD”) on investment managers whose funds MaplesFS professionals served as directors. She was responsible for managing the ODD process across Maples Fiduciary’s global teams, with the primary purpose of reducing operational risk for investment managers by critically assessing their control environments. Prior to joining MaplesFS in 2012, Ramona was a founding partner, director and company secretary of A.R.C. Directors Ltd., a Cayman domiciled professional services firm specialising in the provision of non-executive directors to the alternative investment industry. During her tenure at A.R.C. from 2005 to 2012, Ramona provided independent trustee and director services and was actively involved in the review and approval of the transactional documents used to govern trust and investment fund structures. Prior to that, Ramona was based in London where she was Director of Business Development at DPM Europe Ltd., an independent offshore hedge fund administrator which is now part of Bank of New York Mellon. There, she was responsible for promoting the firm’s administration, risk and transparency services to the European hedge fund industry. Ramona began her career as a risk analyst for Bright Capital, a hedge fund manager and trading adviser, during which time she acquired a sophisticated knowledge of and experience with hedge fund risk management techniques, including the application of quantitative analysis and software tools. Ramona is a FCA Securities & Financial Derivatives representative. She holds a Bachelor of Science in Economics and History from University College London.
Rachel Donovan
Rachel Donovan provides Research and Administrative Assistance support for Sound Fund Advisors LLC. She was a Senior Consultant for Cambridge Technology Partners specializing in Customer Loyalty Consulting and worked as a Senior Account Manager for Akamai Technologies. Rachel was National Program Director for a non-profit, C-CAP, that provided career training and scholarship opportunities for underserved youth. She has extensive organizational experience working on the executive boards of several non-profits over the last twelve years. Rachel has a BS from Union College graduating with Honors in Psychology (1996).Rachel Donovan
Director
- E : info at soundfundadvisors.com
Rachel Donovan
Rachel Donovan provides Research and Administrative Assistance support for Sound Fund Advisors LLC. She was a Senior Consultant for Cambridge Technology Partners specializing in Customer Loyalty Consulting and worked as a Senior Account Manager for Akamai Technologies. Rachel was National Program Director for a non-profit, C-CAP, that provided career training and scholarship opportunities for underserved youth. She has extensive organizational experience working on the executive boards of several non-profits over the last twelve years. Rachel has a BS from Union College graduating with Honors in Psychology (1996).Our Experience
The alternative investment funds industry has undergone a sea change since the liquidity crisis of 2008. The regulatory burden has increased enormously, and fund strategies and structures have grown far more complex. Against this backdrop, effective fund governance has become a focus for investors, regulators, counterparties and creditors. These parties expect boards to meet industry best practice standards, which requires true independence, as well as substantive and active engagement to effectively oversee fund activities and protect investor interests. Investment managers are also recognizing the benefits of a robust, diverse and experienced board that can help navigate the ever-growing regulatory demands, meet investor and allocator expectations and provide valuable insights and guidance on any matters that may arise.
We are here to help.
Life-Cycle
SFA works with funds of various sizes. We work with start-up and emerging managers as well as some of the largest ...
Products
SFA has worked across multiple offshore and onshore jurisdictions on a wide variety of fund structures, including ...
Jurisdictions
SFA has experience on onshore US and numerous offshore jurisdictions, including the Cayman Islands, Bermuda, ...
Strategies
SFA has experience across a wide range of alternative strategies. We have served as directors for strategies ...
Capacity
It is a privilege to act as stewards for a fund. We ensure our availability to our clients by capping the number of ...
Diversification
We are highly experienced independent directors bringing more than 35 years of alternatives experience ...
FAQ'S
What value can an independent director add to your board?
While many jurisdictions either require or strongly encourage independent directors, we believe the mandate of an independent director should be to add value to all stakeholders. For managers, independent directors can reduce risk by identifying and providing oversight for areas that have inherent conflicts of interest (e.g., the fair valuing of fund assets, non-standard transfers between funds, trade and expense allocation issues). A good board should also be offering sound and pertinent advice, including proposing solutions related to governance, providing peer group data and other current best practices. For investors, independent directors interact with the fund’s service providers to safeguard assets and make sure that operations are conducted in the best interests of the fund. Ultimately, if a fund’s directors aren’t adding value, the fund has the wrong directors.
How does a board benefit from diverse expertise?
Our research suggests that while most fund boards have multiple independent directors, they often have directors with similar backgrounds. For example, the vast majority of independents have accounting or legal expertise. This can be genuinely helpful, but having two auditors or two lawyers may be non-optimal. Likewise, directors often reside in the same locations and tap into the same local networks. Accessing directors in different locations, networks and professional roles helps balance and add value to boards.
What are the advantages of a multi-disciplinary director?
A multi-disciplinary director is one who sees governance as part of a portfolio of roles in the alternative investment industry. The cross-fertilization of these roles allows them to bring added experience and perspectives to their role as a director. Such roles could include, for example, providing operational due diligence (“ODD”) services to institutional investors, or providing fund formation consulting to investment managers. Their involvement in complementary and active roles, combined with their fund governance experience is their unique “value-add.”
What is the Sound Fund Advisors approach?
The SFA emphasis on multi-disciplinary directors creates a more collaborative relationship between ourselves and our clients. We are looking to foster “win-win” situations where the knowledge and experiences of our team can help the manager and the fund succeed.
Do you need to be a resident of the Cayman Islands to be a director of a Cayman Islands domiciled entity?
No, directors of a Cayman Island domiciled fund do not need to be a resident of the Cayman Islands. All the directors at Sound Fund Advisors are based in the US and serve on the boards of Cayman Islands domiciled funds. In fact, many investors prefer the further diversifying effect of a geographically split board.
How should an independent director manage their capacity?
Managing capacity is an issue that all directors face. We believe that effective directors will need to prioritize their commitment to governance. Sound Fund Advisors Directors typically have a smaller portfolio where they offer a more consultative governance approach to the Funds they serve. Since these external roles are by nature, part time, it allows the Sound Fund Advisors Director to balance those professional commitments with great care.
Research
Whitepapers
Fund Governance Trends: 2023 Introducing the 3.0 Director
March 1, 2023
Fund Governance Trends: 2021 Industry Data & Special Report on Governance of Digital Asset Funds
February 15, 2022
Fund Governance Trends: 2020 Industry Data
February 11, 2021
SFA Best Practices in Fund Governance
February 12, 2020
Special Reports
- 2023 - Introducing the 3.0 Director, March 1, 2023
- 2021 - Governance of Digital Asset Funds, February 15, 2022
- 2020 - Fund Boards and ESG/DEI, February 11, 2021
- 2019 - Gender Diversity on Hedge Fund Boards, February 11, 2020
- 2019 - Questions Investors Can Ask Directors, February 11, 2020
- 2019 - Board Composition and Term Limits, February 11, 2020
- 2018- Experience Profile of External Directors, February 8, 2019
- 2018 - Is Good Governance Related to Survivorship?, February 8, 2019
- 2017 - Buy American: Trend Towards Local Directors, February 8, 2018
- 2017 - Who is the Internal Director? CIO or CFO?, February 8, 2018
- 2016 - Market Share of Smaller vs Larger Directorship Firms, February 27, 2017
- 2015 - How Much Activity is There on Existing Boards?, February 22, 2016
- 2014 - Board Independence as Top Investor Concern, March 31, 2015
- 2014 - Board Perception Gap: Managers vs Investors, March 31, 2015
- 2013 - Should Funds Have Split Boards?, February 11, 2014
- 2013 - US Onshore Governance, February 11, 2014
- 2012 - How Many Assignments do Directors Have?, February 9, 2013
- 2012 - How Does Fund Size Impact Governance, February 9, 2013
ESG
SFA is committed to Environmental, Social and Governance (“ESG”) goals. Our mission is to provide governance solutions for clients while integrating socially responsible and environmentally focused practices. We believe it is our responsibility to offer our time, expertise and financial contributions to positively effect change in our society and environment.
We are here to help.
Environmental
SFA has committed to a paperless work environment to reduce environmental waste. All staff members ...
Social
SFA has established a strong culture that emphasizes Experience, Integrity, Partnership, Trust and Passion. ...
Governance
SFA directors adhere to our industry standards of professional conduct. All directors are registered ...