As a full-service insurance advisory, Iron Cove is highly sought-after across the investment services sector. Recently, the company was brought on in an advisory capacity by a hedge fund preparing to launch. Understandably, the fund’s COO was burdened by all the early decisions such firms must make. Which vendors should be used? What alternatives exist for employee healthcare? How will the administrative costs break down? Even for executives seasoned in operational excellence, correctly arriving at the best solution can take time better spent tackling mission-critical objectives.
With a long history of servicing hedge funds, it was clear that Iron Cove Partners was best positioned to help this fund overcome its pre-launch challenges. In addition to offering an array of insurance policies geared specifically with hedge funds in mind, Iron Cove was able to provide consulting and brokerage around the fund’s PEO options. Taking the burden off the emerging fund, Iron Cove gathered the requisite information, submitting an RFP on behalf of the client to an array of PEO providers. Then, Iron Cove specialists were able to chart administrative costs for each option, submitting a recommendation on which offering best suited the fund’s needs. After client approval, Iron Cove was able to assist with onboarding and contract negotiation to obtain the best possible deal.
"Iron Cove was really organized and able to highlight the critical differences between the various PEO Brokerage Solutions. While price was a critical component of the analysis, Iron Cove was able to demonstrate the offering differences in a very simplistic, yet detailed and informative, way. After the process, I truly felt like we made the right decision rather than the decision most of my industry tends to select."
- Hedge Fund COO
PEO solutions offer Fortune 500 benefit packages, along with customer support, making them attractive to hedge funds of all sizes. Even those which have been in business for decades often decide to transition to a new PEO offering, given the significant advantages. Iron Cove brokers these transitions with ease, offering a cost analysis and helping clients decide exactly which PEO fits their unique needs in a consultative environment --- all at no cost to the management company.
In the case of the fund discussed above, it engaged in its first successful payroll in January 2018, with all solutions provided by a single PEO.
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