Key Takeaways
- • Cherry Bekaert ranks fifth on Hedge Fund Alert's 2025 list of Top Hedge Fund Auditors, positioning the firm behind only "Big Four" accounting firms and marking its first entry into the top 20 U.S. hedge fund auditors.
- • The firm achieved this ranking following its acquisition of Spicer Jeffries LLP, a perennial top 10 hedge fund auditor for over a decade, which immediately elevated Cherry Bekaert to the top position among middle-market accounting firms in hedge fund audit services.
- • The combined entity now represents a significant consolidation in the middle-market asset management audit space, with Spicer Jeffries having ranked in the top 10 for nine consecutive years prior to acquisition.
- • Sean Tafaro, Assurance Partner at Cherry Bekaert, characterized the achievement as "unprecedented" for a non-Big Four firm, emphasizing the synergy created by integrating Spicer Jeffries' securities industry expertise with Cherry Bekaert's broader resources and professional team.
Summary
Cherry Bekaert has secured a position as the fifth-ranked hedge fund auditor in the United States on Hedge Fund Alert's 2025 list of Top Hedge Fund Auditors, a landmark achievement that reflects the firm's strategic acquisition of Spicer Jeffries LLP. This ranking places Cherry Bekaert immediately behind only the "Big Four" accounting firms—a rare competitive position for a non-megafirm player in the hedge fund audit market. The ranking represents Cherry Bekaert's first appearance on the top 20 list of U.S. hedge fund auditors, signaling a material shift in the firm's market position within the asset management audit sector.
The acquisition of Spicer Jeffries LLP served as the accelerant for this achievement. Spicer Jeffries had established itself as a consistent top 10 performer on Hedge Fund Alert's rankings for nine consecutive years, bringing substantial institutional knowledge and client relationships within the securities industry. By integrating Spicer Jeffries' established practice with Cherry Bekaert's broader infrastructure and service capabilities, the combined entity now ranks first among all middle-market accounting firms in hedge fund audit services—a distinction that underscores the market consolidation within this professional services segment.
Sean Tafaro, an Assurance Partner specializing in hedge fund and asset management clients at Cherry Bekaert, emphasized the strategic value of the combination, stating that being acknowledged fifth "behind only Big Four firms is an unprecedented achievement for the Firm, reflecting the new, powerful synergy between Cherry Bekaert and Spicer Jeffries." Scott Moss, Partner and Financial Services Industry Leader at Cherry Bekaert Advisory LLC, reinforced this narrative, noting that the ranking validates the firms' "commitment to providing exceptional audit, tax and advisory services to the securities industry."
Cherry Bekaert's Asset Management practice now positions itself as a comprehensive service provider addressing the audit, tax, and advisory needs of hedge funds and other investment vehicles, regardless of fund size or maturity stage. The acquisition strategy reflects broader consolidation trends within professional services, where middle-market firms are increasingly seeking scale and specialization to compete more effectively against established tier-one competitors in institutional client segments.
The acquisition of Spicer Jeffries LLP served as the accelerant for this achievement. Spicer Jeffries had established itself as a consistent top 10 performer on Hedge Fund Alert's rankings for nine consecutive years, bringing substantial institutional knowledge and client relationships within the securities industry. By integrating Spicer Jeffries' established practice with Cherry Bekaert's broader infrastructure and service capabilities, the combined entity now ranks first among all middle-market accounting firms in hedge fund audit services—a distinction that underscores the market consolidation within this professional services segment.
Sean Tafaro, an Assurance Partner specializing in hedge fund and asset management clients at Cherry Bekaert, emphasized the strategic value of the combination, stating that being acknowledged fifth "behind only Big Four firms is an unprecedented achievement for the Firm, reflecting the new, powerful synergy between Cherry Bekaert and Spicer Jeffries." Scott Moss, Partner and Financial Services Industry Leader at Cherry Bekaert Advisory LLC, reinforced this narrative, noting that the ranking validates the firms' "commitment to providing exceptional audit, tax and advisory services to the securities industry."
Cherry Bekaert's Asset Management practice now positions itself as a comprehensive service provider addressing the audit, tax, and advisory needs of hedge funds and other investment vehicles, regardless of fund size or maturity stage. The acquisition strategy reflects broader consolidation trends within professional services, where middle-market firms are increasingly seeking scale and specialization to compete more effectively against established tier-one competitors in institutional client segments.
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