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Funds

18

About National Asset Management

National Asset Management, an affiliate of National Securities, offers a variety of asset management services designed to meet the needs of institutions, organizations and private clients.

National Asset Management Headquarter Location

200 Vesey Street 25th Floor

New York, New York, 10281,

United States

212-417-8000

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Latest National Asset Management News

Partner at Mazars fined over Nama audit failures

Nov 24, 2021

The fine was reduced by a third to €10,500 for early settlement. Mr Tuohy is a statutory auditor and audit partner in Mazars The failings identified by the accountancy regulator related to National Asset Management DAC’s 2016 accounts. Nama’s original auditor was the State’s own Comptroller and Auditor General but in 2017 the Government determined that a second auditor was needed in order to comply with European Union rules. Read More Mazars won a tender for the work, worth around €300,000 a year. In a statement, Mazars said it accepts the findings, but noted the accuracy of the 2016 financial statements audited have not been questioned by IAASA. “This was the first audit review undertaken by IAASA a number of years ago and the findings identified were immediately acted upon and resolved by the firm,” Mazars said. The disciplinary action followed an audit quality inspection by IAASA and subsequent investigation under section 934 of the Companies Act 2014. National Asset Management DAC was the arm of Nama used to issue bonds to the main banks in exchange for property loans the agency took off their books. Business Newsletter Sign Up In 2016 the audit year at the centre of the case, Nama had revenue of €371m, a reported profit of €7m and assets of €7.4bn, including €3.9bn of loans and receivables. IAASA is responsible under the Companies Act for the supervision of more than 40,000 accounting professionals in Ireland. It said the issues that arose to prompt its decision to impose sanctions included: a) There was insufficient challenging of assumptions used in the valuation of the loans and receivables balance. There was insufficient work on reasonableness of management assumptions. Appropriate procedures were not performed in relation to the scoping, review and consideration of the work of the valuation expert utilised by the audit team; b) There was insufficient appropriate audit evidence over the completeness and accuracy of the data underlying the loans and receivables balance because of insufficient IT testing performed and failure to sufficiently consider the impact of multiple IT deficiencies and multiple audit adjustments on the planned procedures; c) The audit team did not perform sufficient procedures to test the existence of loans/underlying securities. IAASA chief executive Kevin Prendergast said: “The Authority’s settlement agreement process continues to form a strong basis for the efficient and effective addressing of audit deficiencies uncovered through its inspection regime. In this case the sanction imposed is a proportionate response to the wrongdoing identified, and also recognises the level of cooperation provided by the respondent throughout the investigation.”

National Asset Management Fund History

18 Fund Histories

National Asset Management has 18 funds, including Innovation X Holdings QP - Series 2018-6b.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/23/2019

Innovation X Holdings QP - Series 2018-6b

$3.52M

1

4/2/2019

NAM Special Situations Fund VI - Series V1

$8.5M

1

4/2/2019

NAM Special Situations Fund I QP (Palantir Series II)

$4.61M

1

4/2/2019

Innovation X Holdings QP - Series 2019-1

$99M

10

Innovation X Holdings IV

10

Closing Date

5/23/2019

4/2/2019

4/2/2019

4/2/2019

Fund

Innovation X Holdings QP - Series 2018-6b

NAM Special Situations Fund VI - Series V1

NAM Special Situations Fund I QP (Palantir Series II)

Innovation X Holdings QP - Series 2019-1

Innovation X Holdings IV

Fund Type

Status

Amount

$3.52M

$8.5M

$4.61M

$99M

Sources

1

1

1

10

10

National Asset Management Team

3 Team Members

National Asset Management has 3 team members, including current Chief Executive Officer, Thomas Kowalczyk.

Name

Work History

Title

Status

Thomas Kowalczyk

Chief Executive Officer

Current

Henry E Kaplan

President, Chief Operating Officer

Current

Harry Chaffee CFA

Chief Compliance Officer

Current

Name

Thomas Kowalczyk

Henry E Kaplan

Harry Chaffee CFA

Work History

Title

Chief Executive Officer

President, Chief Operating Officer

Chief Compliance Officer

Status

Current

Current

Current

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