Our vastly experienced center of excellence provides a single touch point into a fully in-house fund administration service which includes the following teams:
Authorised Corporate Director (ACD) & Authorised Fund Manager (AFM) Fund Oversight
By bringing together our key legal, technical, monitoring, risk reporting and delegate oversight capabilities we can offer support in achieving full regulatory compliance.
Our ACD & AFM Fund Oversight team covers four areas critical to the efficient and compliant functioning of funds: Fund Governance, Monitoring & Risk Reporting, Delegate Oversight and Regulatory change.
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
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
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
Pricing & Valuations
We provide an independent, trusted and professional valuation service tailored to the specific objectives of each fund we act for.
Our Pricing and valuations team oversee Net Asset Value (NAV) control, production and calculation of each fund’s class-specific NAV prices at the required valuation point specified within the fund’s prospectus.
Our rigorous controls ensure that all trades, units in issue, cash, income, expenses, tax and asset prices are accurately reflected within the fund valuation and distributed to internal and external stakeholders on a daily basis, with an SLA for delivery within 4 business hours of NAV point.
The core system, and highly scalable solution, that is used within the team for fund accounting, portfolio valuation and fund pricing is the Linedata Icon package developed and supported by Linedata.
Asset pricing is sourced from industry standard vendors. The daily fund NAV prices are communicated to investment data providers and onward distributed to many pricing platforms and any other vendors on request.
Statutory Reporting and Tax
The Statutory Reporting team ensure the professional and efficient delivery of interim and annual report & accounts and full fund compliance with all relevant mandatory reporting standards, including FRS 102.
The tax team prepares corporation tax provisions for inclusion in interim and annual report & accounts, submits annual tax returns to HMRC and arranges for payment of any associated corporation tax liabilities.
Trusted shareholder services administering the full needs of your investors and other key stakeholders.
Our team is responsible for the on-boarding and maintenance of all fund registers, oversight of anti-money laundering documentation, dealing, settlement, distributions and re-registration activities.
The core system, and highly scalable solution, used within the team is the Rufus (SaaS) package and integrated Babel STP messaging platform, both developed and supported by Bravura Solutions. We support faster, more efficient dealing via Calastone and EMX.
We now utilise Euroclear UK & Ireland’s (EUI’s) investment funds service (in CREST), facilitating integrated electronic settlement and account reconciliation for transactions received via both STP or manually. With one net daily GBP settlement for all CREST participants, it reduces operational and counterparty risks and gives certainty of settlement.
Our highly personal service can also include additional reporting tailored to your specific needs.
You will have access to a dedicated in-house team with specialist expertise and any enquiries will be responded to quickly and efficiently. You will be able to speak directly to a member of the team using our dedicated telephone lines for investor dealing queries.