The new suite of services, ADVassist Basic and ADVassist Advanced, enable private fund advisors to fulfill registration and compliance requirements cost-effectively and appropriate to a fund's size, and infrastructure.

"With financial reform a reality, private fund advisors should be preparing for registration now," said William Mulligan, Managing Partner and CEO of HedgeOp Compliance. "Now is the time for these firms to implement a formal testing and review of their compliance procedures. In so doing, they'll be better equipped to identify issues that are of concern before they become problem spots."

ADVassist is designed to provide focused and efficient registration and compliance infrastructure development for private fund advisors registering with the SEC. Through support from its team of compliance experts, ADVassist provides managers with a cost-effective way to complete the registration process while laying the foundation for development of a compliance infrastructure, designed to help a firm meet both current and future regulations.

ADVassist's new structure features two levels of service that are designed to meet the needs of firms on an individualized basis, providing the flexibility for advisers - from billion dollar global fund to single manager firms -- and those firms in between. Firms can opt for varying levels of support, ranging from basic SEC registration, to more in-depth compliance infrastructure creation.

"There are vast differences in the structure and operations of a billion dollar global hedge fund firm and a single manager long-short fund firm and their respective compliance needs," said Mr. Mulligan."We think that many firms will need this level of support, and we now have a service that can be scaled up or down to effectively meet the unique requirements a fund may have."

• ADVassist Basic represents an ideal starting point for a firm to get assistance in meeting the registration requirementementsts, while at the same time getting access to tools to help them build their own compliance infrastructure. HedgeOp's ADVassist Basic provides registration support to managers focusing on the issues related to the preparation and filing of a Form ADV (Part 1 and II). Managers also are provided with access to other tools that they can customize to develop their own compliance program. ADVassist Basic can be completed over the course of two weeks, and is geared towards small advisors who are cost sensitive and want to do some of the work themselves, while at the same time getting access to experts in the field.

• ADVassist Advanced provides a comprehensive tool kit for managers, composed of on-site reviews of existing policies and documentation and training. Over the course of six to eight weeks, HedgeOp's team works alongside managers to obtain information about the firm, reviewing processes, and marketing materials. In addition, a customized compliance calendar and compliance manual are developed as part of the implementation of the larger compliance program. Once the process is completed, firms receive training on becoming an SEC registered advisor.