Mutual Funds


BBD's Investment Management Group To Be Acquired By Cohen & Company

We are pleased to announce the exciting news that our firm’s Investment Management Group will be acquired by Cohen & Company. 

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BBD is a leading provider of audit and tax services for mutual funds across the United States.

Fund complexes that we serve range in size to more than 40 funds, and net assets range in size from start-up funds to more than $17 billion.

Our broad range of mutual fund audit and tax expertise includes funds of virtually all investment strategies, including various types of equity funds, fixed income funds, money market funds, international funds, balanced funds, alternative strategy funds, funds utilizing derivatives, multi-manager funds and funds of funds.

Industry Involvement

BBD’s Investment Management Group is active within the investment management industry, particularly with the Investment Company Institute (ICI).

The firm maintains a presence on the Independent Accountants Advisory Group of the ICI’s Accountants & Treasurers Committee. When accounting, audit and tax issues arise that will impact your mutual funds, we will be at the forefront of those developments and active participants in the industry’s highest level conversations.

Our partners also routinely present at investment management industry conferences on various audit and tax topics.

Starting a Fund or Considering an Auditor Transition?

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Major Changes to Mutual Fund and Exchange-Traded Fund Shareholder Reports

The Securities and Exchange Commission has adopted rules and form amendments that are designed to require mutual funds and exchange-traded funds (“ETFs”) to transmit concise and visually engaging annual and semi-annual reports to shareholders. The updated approach to funds’ shareholder reports will highlight key information that is particularly important for retail investors to assess and monitor their fund investments.

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Public Company Accounting Oversight Board (PCAOB)

Auditors of public registrants, including investment companies, are subject to regular inspection by the PCAOB. Information about the results of an audit firm’s PCAOB inspections serves as a direct indication of the quality of a firm’s audits and should be evaluated when considering an audit firm. Inspection reports can help inform you about how an auditor performs on specific audits and in high-risk areas across audits.

In the history of the PCAOB’s inspections of BBD, no audit deficiencies have been identified. We are very proud of this accomplishment and our commitment to the quality of our work, particularly because the great majority of our competitors, including those outside the Big Four, do not share this same distinction.

It’s also very important to note that because our public company clients include only those in the investment management industry, each audit reviewed as part of the PCAOB’s inspection process applies to investment company accounting. This increased scrutiny gives our clients further comfort with our control environment and audit process.

The PCAOB completes inspections of our Firm every three years. Our most recent inspection was completed in the Fall of 2020. Our most recent available inspection report is dated February 28, 2022.

View Our Latest Inspection Report


What Our Clients Are Saying

The BBD client experience is not just a promise in a proposal.

At BBD, we survey our clients regularly.  Monitoring and measuring the value of the BBD client experience on a consistent basis helps us to make improvements that have immediate impact.

The results of our surveys confirm that our clients value collaboration and partnership as much as we do, and that we are delivering on our commitment.

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Setting the PACE
For the Client Experience

Our values drive everything we do at BBD and differentiate us in the commoditized world of audit and tax services.  BBD's professionals are passionate about the distinct industries we serve; authentic in our relationships and communication with our clients; and collaborative in navigating our clients' challenges.  Our commitment to living these BBD core values enables us to deliver an exceptional client experience. We're setting the PACE for client experience quality.