I've been approached by an existing client who is branching out into a new area. I've been asked to do the bookkeeping for a management company which will act as an AIFM for a fund (under the new regulations). It is an area I have no experience in. The client insists that because it is just the management company that the bookkeeping will be straight forward. Someone else will be looking after the accounting for the fund. I don't want to take on something if I don't know what I don't know! On the other hand, this is a great client and the fees for this new job would be sizeable.
Anyone have an experience in this area? Is it straightforward or does it require a different skill set than the usual bookkeeping?