FAAR

What FAAR does

FAAR (Finance Accounting Analysis and Reporting Services, LLC) is a Brookline, Massachusetts-based professional services firm founded in 2016 that delivers financial, accounting, and analytical services to investment managers, fund sponsors, and consultants. Its flagship offering is the proprietary FAAR-Better Framework, an analytical paradigm that reframes investment fund performance reporting by comparing values received and revaluations recognized against fair values rather than GAAP cost bases, thereby attributing income, gains, and losses to specific buying, holding, and selling activities. The framework is operationalized through supplemental statements of operations, rate-of-return attribution analysis by asset class/geography/industry, and variance reporting decomposed by quantity, rate, and mix drivers — concepts borrowed from managerial/cost-accounting discipline. The firm is operated by its sole Principal, Kenneth Leung, who brings 30+ years of accounting and auditing experience including tenures at Brown Brothers Harriman, BNY Mellon, Prudential Timber Investments, PwC, and Johnson & Johnson. Revenue is generated through direct, quote-based professional services engagements with no disclosed pricing; the firm has no external funding and serves a small number of clients including a notable energy-sector engagement with Tecumseh Energy Services, Inc., where Leung also serves as CFO.

Name

FAAR

Legal name

Finance Accounting Analysis and Reporting Services, LLC

Website

https://faarservices.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

FAAR is a Brookline, Massachusetts professional services firm that provides financial, accounting, and analytical reporting services to investment fund managers, sponsors, and consultants using its proprietary FAAR-Better fair-value attribution framework, delivered by sole Principal Kenneth Leung.

Ownership category

akta.pro rank

Product category

Investment Fund Financial Reporting Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fund Accounting & NAV Calculation (FSAAAMAB)

Keywords

• Investment fund reporting
• Financial statement compilation
• Rate-of-return attribution
• Fund performance analysis
• Investment accounting services

Headquarters

HQ city

Brookline

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Professional Services for Investment Funds: FAAR provides financial, accounting, and analytical services including compilation of financial statements, forward-looking financial modeling, and backward-looking financial reporting for investment funds. Services are tailored to client needs and delivered by the principal professional.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

FAAR (Finance Accounting Analysis and Reporting Services, LLC) provides financial, accounting, analytical, and reporting services to investment managers, fund sponsors, and consultants. Its core offering is the proprietary FAAR-Better Framework—an analytical paradigm that reframes investment fund performance reporting by comparing values against fair values rather than GAAP cost bases, enabling accurate attribution of income, gains, and losses to buying, holding, and selling activities.

Product overview

FAAR (Finance Accounting Analysis and Reporting Services, LLC) provides a suite of financial, accounting, analytical, and reporting services to investment managers, sponsors, and consultants. The core offering centers on the FAAR-Better Framework—a proprietary analytical and reporting paradigm that reframes investment fund performance reporting from cost-basis GAAP to fair-value perspectives, enabling clearer rate-of-return attribution. This framework is supported by Specialty Core Services and Tools for investment funds (including financial statement compilation, rate-of-return attribution, portfolio risk profiling, and variance analysis by quantity/rate/duration drivers) and Ad-Hoc Reporting Tools for on-demand portfolio analysis. Additional services include Financial Modeling (pro-forma statements, ROI calculations, sensitivity analysis) and Corporate Financial Services (accounting, budgeting, forecasting, payroll) for investment management and project development companies. The company was founded by Principal Kenneth Leung and serves clients from its Brookline, Massachusetts office.

Differentiator

Problem solved

Functional benefit

Brands

• FAAR-Better: A proprietary analytical framework developed by FAAR for conducting historical analysis and reporting for investment funds. It provides supplemental financial statements that measure and report income, gains and losses by comparing values against fair values rather than cost bases, enabling clearer attribution of fund performance to buying, holding, and selling activities.

Products and services

• FAAR-Better Framework

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Tecumseh Energy Services, Inc. (TES)coreStrategic or Co-development Partner · 2 January 2017FAAR has been engaged by Tecumseh Energy Services, Inc., a Michigan-based corporation established in 1996 with offices in Tecumseh, Michigan and Washington DC, to provide comprehensive financial, accounting, and administrative services. FAAR's principal Kenneth Leung joined TES's Management Team as CFO. Services include financial modeling for investment evaluation and due diligence, corporate accounting and reporting, and administrative services for books and records.

Scale indicators2 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• Citco Fund Services: One of the largest independent fund administrators globally, offering fund accounting, financial reporting, and NAV calculation to hedge funds, private equity, and real estate funds — directly competing for FAAR's target client base.
• State Street (SSGA Fund Services): A major custody and fund administration incumbent offering comprehensive fund accounting and reporting services to investment managers, with technology and scale advantages over boutique providers like FAAR.
• Standish (BNY Mellon Fund Services): BNY Mellon's fund services business (where FAAR's principal previously worked) provides integrated fund accounting, NAV calculation, and reporting for institutional investment managers at massive global scale.
• SS&C Technologies (GlobeOp fund services): A large global financial services software and services firm whose fund administration business provides accounting, NAV, and reporting services to investment fund managers across virtually all vehicle types that FAAR serves.
• KPMG Fund Services Practice: KPMG's asset management advisory practice serves investment fund managers with audit, tax, and performance reporting services — competing with FAAR for sophisticated reporting and analysis engagements.

Direct peers

• ACA Compliance Group: A specialist advisory firm serving investment managers with performance reporting, risk, compliance, and operational consulting — a closely adjacent peer addressing similar fund manager pain points with a specialist, non-Big-4 model.
• ALPS Fund Services: A fund administration and servicing platform offering fund accounting, reporting, and compliance services to a range of pooled investment vehicles, with comparable boutique positioning and service menu to FAAR.
• Atlantic Fund Services: A boutique fund administration firm providing accounting, reporting, and investor services to alternative investment managers — a closely comparable peer in scale and service mix to FAAR.
• Gen II Fund Services: A boutique fund administration firm offering fund accounting, NAV calculation, reporting, and investor services to private equity, hedge fund, and fund-of-fund managers — directly overlapping with FAAR's core service offerings.

Emerging players

• Eton Solutions (AtlasFive): A technology-driven provider of integrated fund accounting, reporting, and family-office financial management software — an emerging peer that could either compete with or enable productized versions of FAAR's reporting methodology.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/financeaccountinganalysisandreportingservicesllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 FAAR