OBS provides independent representative services to assist investment managers in complying with their fiduciary duties, regulatory requirements and the terms of their investment management agreements with regard to principal and agency cross transactions.

We understand that principal and agency cross transactions, also referred to as affiliated transactions, are a valuable tool for investment managers rebalancing between funds as well as other commercial purposes for the benefit of investors. That being said, affiliated transactions present the possibility for perceived conflicts of interest, particularly in volatile markets.

Our methodology with respect to affiliated transactions combines a common sense commercial approach to issues with the highest standards of care, confidentiality and judgment.

Furthermore, our principals fully meet the definition of an "independent representative" under the US Investment Advisers Act as they are all persons who: (1) act as an agent for an advisory client; (2) do not control, are not controlled by and are not under common control with the adviser or any other service provider to the fund; and (3) do not have, and have not had within the past two years, a material business relationship with the adviser or any other service provider to the fund.