Fleming Fund Services

What Fleming Fund Services does

Fleming Fund Services (FFS), operating under the legal name Fleming Financial Services, Inc., is a Maryland-based professional corporation founded in 1999 by Russell A. Fleming that provides accounting, fund administration, and advisory services exclusively to the alternative investment management industry. The firm operates as a registered CPA practice with two offices - its Bel Air, Maryland headquarters at 514 South Main Street and a Richmond, Virginia regional office at 3006 River Road West (Goochland) headed by Managing Partner John Lentz - and a 40+ person team structured around six integrated service lines: Fund Accounting and Administration, Back Office Accounting Services, Outsourced CFO Services, Consulting Services, GAAP Financial Statement Preparation, and Tax Return Preparation.

FFS serves alternative investment vehicles including hedge funds, funds of funds, commodity pools, private equity real estate funds, and cryptocurrency funds, with client work spanning investor account statements, balance sheet/income statement preparation, portfolio reconciliations, fee calculations, performance allocations, AML compliance, NFA/SEC regulatory reporting, audit coordination, GAAP financial statement preparation, and Form 1065/K-1 tax filing. The firm's core technology stack is built on Dynamo Software for partnership accounting, CRM, and customized investor portal communications, supplemented by Eagle Investment Systems for shadow accounting and ProSystem tax software. Operational scale includes preparation of over 175 sets of GAAP-compliant financial statements annually under the direction of Director Jennifer Stefano.

The business operates on a relationship-driven B2B professional services model with customized, quote-based engagements and multi-year contracts typical of fund administration work. Customer acquisition relies primarily on industry reputation, professional association affiliations (American Institute of Certified Public Accountants, Maryland Association of Certified Public Accountants), and referral networks with independent auditors, attorneys, and prime brokers. The firm is privately held by its founding partners with no institutional capital - Russell A. Fleming (Founder & Partner) and Scott Dagostin (Managing Partner & President, joined 2002) lead the partnership, with no parent company, PE/VC backing, M&A activity, or public ownership structure disclosed in source data. Operating geographies are limited to the United States, with the firm concentrated in the Mid-Atlantic and Virginia markets.

Name

Fleming Fund Services

Legal name

Fleming Financial Services, Inc.

Website

https://flemingfundservices.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Fleming Fund Services is a Maryland-based CPA firm founded in 1999 providing fund accounting, administration, outsourced CFO, and advisory services exclusively to alternative investment funds, including hedge funds, commodity pools, and private equity vehicles.

Ownership category

akta.pro rank

Headquarters

HQ city

Bel Air

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Accounting and Administration: Independent administration and accounting services to alternative investment funds including investor account statements, balance sheet/income statement preparation, portfolio reconciliations, fee calculations, performance allocations, and regulatory reporting
2. Back Office Accounting Services: Tailored back office accounting services for funds not administered by FFS, including analytical review, approval of monthly accounting, investor statement analysis, and audit coordination
3. Outsourced CFO Services: Day-to-day CFO tasks for fund sponsor management companies including cash control, bill payment, payroll, full books and records, operating budgets, and reporting
4. Consulting Services: Business and fund operations consultation, tax planning, fund formation, due diligence, valuation models, waterfall calculations, and business structure guidance
5. Financial Statement Preparation: CPA firm preparing fund financial statements with full GAAP-compliant disclosures, notes, and audit opinion integration
6. Tax Return Preparation: Tax services including Form 1065, state income tax returns, Schedule K-1 preparation and distribution to investors

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Fleming Fund Services is a CPA professional corporation that provides comprehensive accounting, administration, and advisory services to alternative investment funds (hedge funds, funds of funds, commodity pools, and private equity funds) and their managers. Core deliverables include investor account statements, NAV calculations, performance and fee allocations, independent control of cash movements, GAAP financial statement preparation, tax return preparation (Form 1065, K-1s), outsourced CFO functions for fund sponsors, and consulting on fund formation and operations.

Product overview

Fleming Fund Services (FFS) is a professional corporation providing comprehensive accounting, administration, and advisory services exclusively to the alternative investment management industry. The firm operates as a single-platform service offering with six integrated service lines: Fund Accounting and Administration (core NAV and investor servicing), Back Office Accounting Services (shadow accounting and validation), Outsourced CFO Services (management company finance functions), Consulting Services (fund formation, tax planning, and operational advisory), Financial Statement Preparation (GAAP financial statements and disclosures), and Tax Return Preparation (Form 1065 and K-1 distributions). Services are customized to client size, complexity, and internal resources, with specialization in hedge funds, commodity pools, private equity real estate funds, and cryptocurrency funds.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund Accounting and Administration Independent administration and accounting services for alternative investment funds, including investor account statements, balance sheets, income statements, general ledger maintenance, portfolio reconciliations, fee calculations, performance allocations, inception-to-date performance reporting, third-party cash control, subscriptions/redemptions processing, AML compliance, investor communications, audit and tax coordination, and assistance with NFA/SEC regulatory reporting.
• Back Office Accounting Services Tailored back office accounting for funds not administered by FFS, including analytical review and approval of monthly accounting, portfolio valuations, investor allocations, fee determinations, gross/net return estimates, investor statement approval, disbursement approvals, and preparation of GAAP financial statements and tax estimates.
• Outsourced CFO Services Chief Financial Officer services for fund sponsor management companies, encompassing cash control and bill payment, payroll management, full books and records maintenance, operating budget development, monthly and quarterly reporting, audit and tax coordination, and ongoing business, accounting, and operating guidance.
• Consulting Services Advisory services covering business and fund operations, tax planning and compliance, U.S. and offshore fund formation, professional service provider referrals, due diligence on contemplated investments, selling agent/broker payment calculations, automated feeds to custodians and brokers, daily trade reconciliation, waterfall calculation and independent verification, valuation models, and overall business operations and structure.
• Financial Statement Preparation CPA-provided preparation of fund financial statements under GAAP, including full note disclosures, recent accounting pronouncements, financial highlights, and investment look-through disclosures. Offered both as part of standard administration engagements and on a stand-alone basis to non-administration clients.
• Tax Return Preparation Tax services for alternative investment funds including taxable income analysis, book-to-tax difference identification, investor allocation, Form 1065 preparation, state income tax return preparation, and Schedule K-1 preparation and distribution to investors.

Quantifiable outcome

• Prepares over 175 sets of financial statements annually
• +1 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• HedgeCo WebsitesminorOthersWebsite platform provider powering Fleming Fund Services' corporate website

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• SS&C Technologies (GlobeOp): Global fund administration and middle-office services provider serving hedge funds, PE, and credit funds at scale. Directly comparable to FFS's core fund accounting/administration offering but with significantly larger scale and proprietary technology.
• Trident Trust: Global provider of fund administration, corporate, and trust services with strong alternative investment fund coverage. Comparable to FFS as a competing fund administrator in the alternative investment space, though broader in geographic and service scope.
• Citco Fund Services: One of the world's largest independent fund administrators providing NAV, financial reporting, and investor services to hedge funds, PE, and real estate funds globally. Compares to FFS as a much larger incumbent offering similar fund accounting and administration services across alternative investments.
• Apex Group: Large global financial services provider offering fund administration, custody, depositary, and middle-office services across alternative investments. Comparable to FFS as a competing fund administrator but with substantially broader geographic and service line footprint.
• BNP Paribas Fund Administration: Large bank-affiliated fund administration provider (formerly Credit Suisse Fund Administration and Fortis Prime Fund Solutions) offering NAV calculation, financial reporting, and investor services. Comparable to FFS in fund accounting services but at much greater scale and as part of a global banking franchise.

Direct peers

• Maitland Administration: Mid-sized fund administrator (formerly Admiral Fund Administration) specializing in alternative investment fund accounting and administration. Directly comparable to FFS given several FFS professionals came from Maitland, and both serve hedge fund, PE, and managed futures clients with similar service models.
• Circle Partners: Boutique fund administrator serving hedge funds and private equity funds with NAV calculation, investor reporting, and fund accounting services. Comparable to FFS as a similarly sized specialist competing in the same mid-market alternative investment segment.
• Opus Fund Services: Mid-market fund administrator providing accounting, administration, and reporting services to hedge funds and alternative investment vehicles. Closely comparable to FFS in target market, service offering, and boutique positioning toward emerging and mid-sized fund managers.
• NAV Fund Administration: Specialist fund administrator providing accounting, reporting, and investor services primarily to hedge funds. Comparable to FFS given similar boutique positioning, target client base (mid-market hedge funds), and emphasis on specialized alternative investment accounting.

Emerging players

• FundCount: Technology-driven fund accounting and investor reporting platform serving hedge funds and family offices. Adjacent competitor to FFS, representing the tech-enabled model that pressures traditional manual fund administration through automation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fleming-financial-services-p.c.

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fleming Fund Services