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Fund Accounting:
Fund Accounting refers to the maintenance of proper accounting records for a fund, in accordance with local laws, regulations and accounting standards.
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Automated Pooling:
Pooling is a term applied to two or more funds (typically sub-funds of an umbrella fund). It entails the pooling of fund assets in investment accounts for administrative purposes. Its purpose is to reduce market transaction costs and also to reduce operational costs associated with the investment management process. The investment accounts or pools are non-legal entities and are established purely for efficiency gains. Automated Pooling refers to a service provider's ability at each NAV calculation to, inter alia, reflect the position of the underlying assets at both the investment pool and fund level, to automatically update pool performance at fund level and to automatically produce "look through" profit and loss accounts at fund level which reflect the relevant proportion of income, expenses and gain/losses of the underlying pools.
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Daily Valuations:
All securities position prices updated at least once per day.
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Intra-day Valuations:
Securities position prices updated at least twice per day.
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Real-time Valuations:
Securities position prices updated in real time.
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Multiple Share Class:
Multiple share class refers to different classes of share or unit in a fund. Share classes include distribution shares, capitalisation shares, institutional shares, retail front end fee shares and retail back end fee shares. Each share class will have a unique characteristic such as a different fee structure or distribution policy.
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Futures Independently Valued:
The service provider carries out its own independent valuation of all futures contracts. This contrasts with simply taking a valuation provided by the investment manager.
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Options Independently Valued:
The service provider carries out its own independent valuation of all options contracts. This contrasts with simply taking a valuation provided by the investment manager.
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Forwards Independently Valued:
The service provider carries out its own independent valuation of all forward contracts. This contrasts with simply taking a valuation provided by the investment manager.
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Interest Rate Swaps Independently Valued:
The service provider carries out its own independent valuation of all interest rate swap contracts. This contrasts with simply taking a valuation provided by the investment manager.
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FX Swaps Independently Valued:
The service provider carries out its own independent valuation of all foreign exchange swap contracts. This contrasts with simply taking a valuation provided by the investment manager.
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Hedge Fund Valuations:
Providing position prices for holdings in hedge funds.
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Fund of Hedge Fund Valuations:
This entails recalculation of the Net Asset value ("NAV") of a fund at a past date. A fund of hedge fund structure is normally valued on a monthly basis with weekly estimates. Underlying fund month end NAVs are not normally available for up to 3 weeks after the relevant month end. However, as weekly estimates are available for the underlying funds, the accounting system needs to be able to produce weekly valuations and subsequently recalculate or perform a back value valuation for the previous month end once all underlying fund NAVs have been received.
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Multiple Pricing Sources:
The service provider allows clients to specify sources for pricing data.
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Client's Own Pricing Source:
The service provider allows clients to apply their own pricing feed to determine position prices.
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NAV Reports to Client's Schedule:
Reports of a securities portfolio's net asset value ("NAV") made available at a frequency to suit each client.
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Fund Unit Pricing:
Determination of the price of each issued unit of investment in a fund, from the net asset value of the fund and the number of units in issue.
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