Authorised Corporate Director (ACD) & Authorised Fund Manager (AFM) Fund Oversight

As part of our fully in-house fund administration service, our ACD & AFM Fund Oversight team cover four areas critical to the efficient and compliant functioning of funds: Fund Governance, Monitoring & Risk Reporting, Delegate Oversight and Regulatory change.

Operational Assurance

By bringing together our key legal, technical, monitoring, risk reporting and delegate oversight capabilities we can offer support in achieving full regulatory compliance.

Fund Governance

Key responsibilities include the creation and ongoing maintenance of your fund / scheme documentation and key agreements, for example:

  • Fund Prospectus,
  • Key Investor Information Documents (KIIDs),
  • Instruments of Incorporation and Trust Deeds,
  • Investment Management Agreements,
  • Sponsorship Agreements, and
  • Joint Manufacturing Agreements

The Fund Governance team is also responsible for:

  • Making applications to the FCA in order to launch new funds, implement fund change (for example an investment objective change, a fund benchmark change), merge funds via scheme of arrangement, transfer funds to and from other ACD firms and winding up funds
  •  Maintaining and distributing European MiFID Templates (EMTs) for your funds
  • Maintaining annual renewals of Legal Entity Identifiers (LEI’s) for funds
  •  Reviewing fund marketing materials on a regular basis

Monitoring & Risk Reporting

Key responsibilities include:

  • The monitoring of funds’ investment and borrowing powers,
  • The monitoring of the eligibility of any assets within the funds,
  • The monitoring of funds’ liquidity, performance and turnover,
  • The monitoring of best execution,
  • The monitoring of large redemptions,
  • The production of management information, Key Risk Indicators and Key Performance Indicators to Smith & Williamson Fund Administration Limited (SWFAL) Risk Committee, SWFAL Board, and the CASS Committee for example
  • Regular returns to the FCA, for example the Derivative Usage Return (DuR) and Alternative Investment Fund Managers Directive (AIFMD) returns
  • Solvency II submissions
  • Maintenance of SWFAL’s Risk Management Policy, and
  • Stress Testing – both redemption (liquidity testing) and market on new and existing funds

Delegate Oversight

Responsible for conducting initial due diligence on new investment managers and new fund propositions, as well as ongoing due diligence on existing relationships. Reports on the due diligence are submitted to the monthly SWFAL Risk Committee.

  • Delegate Oversight is also responsible for performing an Assessment of Value review for the funds under SWFAL’s administration. Reports are prepared and presented to SWFAL’s Assessment of Value Committee before final sign-off by the Chairperson of the SWFAL Board. The reports are included in the fund Report and Accounts or on Composite Reports available on our website

Regulatory Change

Contributes to the overall process of regulatory change by:

  • Liaising with Compliance to ensure that forthcoming change is identified,
  • Engaging with operational areas to highlight any changes to regulation that affect their areas,
  • Report back to Compliance on progress of any implementation, and
  • Chairing monthly regulatory meetings to ensure that operational areas remain aware of progress

Contact us

Allan Seldon's Profile Photo

Allan Seldon

Director, Client Relationship & Business Development

Fund administration
London

Contact Allan

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