Services
Our services
Our services are provided under a written administration agreement with each fund. The agreement sets out the scope of services, the service levels and the responsibilities of each party. Funds may engage us for the full range of administration services or for specific services, subject to our client acceptance procedures.
01
NAV calculation
We maintain the fund’s records and calculate its net asset value in line with the valuation policy in its offering memorandum. For funds with more than one share class, the NAV is calculated for each class.
At year end, we prepare the financial records and schedules required by the fund’s auditor and deal with audit queries.
Deliverables
NAV and NAV per share at each valuation point
NAV pack with reconciliations, pricing sources and fee calculations
Year-end schedules for the audit
02
Investor services
We maintain the fund’s register of shareholders and act as the point of contact for its investors. We review subscription documents, process subscriptions, redemptions, switches and transfers in line with the dealing terms in the offering memorandum, and confirm the receipt and payment of monies. Subscriptions are processed only once investor due diligence has been completed and approved.
Deliverables
Shareholder register, updated after each dealing day
Contract notes for each transaction
Periodic investor statements
03
AML/CFT and investor due diligence
We conduct customer due diligence on fund investors as per our AML/CFT policies and St Vincent and the Grenadines’ Proceeds of Crime Act and regulations. This includes identifying and verifying investors, controllers, and beneficial owners, establishing source of funds and, if necessary, source of wealth, and screening against UN, OFAC, UK (OFSI), and EU sanctions lists, as well as politically exposed persons and adverse media checks. Each investor relationship is risk-rated and monitored, with enhanced due diligence for higher-risk relationships.
Deliverables
A due diligence file for each investor, retained for at least seven years.
A decision on each application.
Periodic AML/CFT reporting to the board
04
Regulatory and tax reporting
We assist with preparing the fund’s periodic returns to the Financial Services Authority and coordinate annual corporate filings with the fund’s legal counsel and registered agent. We keep a compliance calendar for each fund so that filing deadlines and regulatory fees are tracked.
Deliverables
Filings and returns prepared for review and signature by the fund’s directors
A compliance calendar for the fund
A record of all filings made
05
Fund launches and administrator transitions
For new funds, we work with the promoter, investment manager and legal counsel during set-up to agree on dealing, valuation and reporting arrangements before launch. For funds moving from another administrator, we arrange the transfer of the shareholder register, accounting records and investor files, reconcile the opening position, and review existing investor due diligence against our requirements, asking for further documents where needed.
Deliverables
An agreed set-up or transition plan
A reconciled opening position
Readiness to deal from the agreed start date
Independent of the investment manager - NAV calculations, investor records and filings are prepared by our staff, separately from the manager, giving the fund’s board and investors an independent check on fund operations.
Licensed and regulated - We have held a mutual fund administrator licence from the Financial Services Authority since November 2017.
Focused on fund administration - Fund administration is our only line of business.
Segregation of duties - Investor files are prepared by our administration team and reviewed by our compliance function before any onboarding is approved.
Data protection - Client and investor data is held on access-controlled systems and disclosed only where required by law or with the client’s consent.