Fund Services & Administration

Managing Director

Portcullis TrustNet offers independent global fund services and administration solutions for fund managers, asset managers and investment advisers in various jurisdictions subject to local laws. We are able to assist in setting up funds in both onshore and offshore jurisdictions and to provide independent fund administration solutions to hedge funds, private equity funds, fund of funds and privately tailored structures.

In Singapore, Portcullis Trust (Singapore) Ltd is approved by the Monetary Authority of Singapore to act as an approved trustee for collective investment schemes under section 289(1) of the Securities and Futures Act (Cap. 289).

Fund Services

Starting with the initial strategy, we are able to guide our clients to determine the best structure and then through the formative stages of the fund. For the set-up and launch stages, it is important that the key elements are coordinated. This is where an experienced service provider can be invaluable. It is important to get the arrangements right from the outset as anything that delays the fund's launch can have a significant impact both on the profitability of the manager's operations and, more importantly, on the confidence of investors. Our team provides pro-active advice and assist in the following matters:

• Incorporating offshore and onshore funds and fund management companies, assisting with fund structuring and liaising with the relevant regulators
• Arranging and coordinating the drafting of Fund documentation through relevant counsel, including placement memorandum, subscription document and agreements with service providers
• Liaising with key service providers, such as legal counsel, auditors and trustees
• Assisting with the set up of bank and custody accounts

Once the manager's operations are up and running, we can assist in the on-going administration.

Fund Administration

As an independent fund administrator, we provide customised solutions to relieve our clients of the burden of administering their funds and in doing so, give investors the comfort of having a third party administrator. Through our dedicated and experienced team, we provide a full range of fund administration services to a variety of investment strategies and structures, including but not limited to:

• Hedge Funds / Private Equity Funds / Funds of Funds / Privately Tailored Structures
• Companies / Limited Partnerships / Unit TrustsStand-alone Funds / Master-Feeder Structures / Segregated Portfolio Companies / Special Purpose Vehicles

Our fund administration services include:

Accounting and Valuation
Investor Relations Services
Corporate Secretarial Services

Accounting and Valuation

We maintain the books and records of the Fund. Our services in this area include, but are not limited to, the following:

• Preparation of the Net Asset Value calculations, with frequency ranging from daily to annual
• Reconciliation of the Fund's portfolio with the respective brokers and/or custodians
• Pricing of the portfolio using recognised data vendors, such as Reuters and Bloomberg, and other pricing agents depending on the nature of the investments
• Calculation of all fees and accruals, including management and performance fees (including multi-series and equalisation methodologies)
• Operating the Fund's bank account, independently from or in cooperation with the Fund Manager
• Coordination of the audit process, by preparing draft financial statements and liaising with auditors

Investor Relations Services

We provide a full range of services in regard to Investor Relations, consisting of:

• Maintenance of share and partnership registers
• Processing of all investor-related transactions, including subscriptions, redemptions, transfers, capital calls and distributions
• Monitoring compliance with fund documentation in regard to notice periods, minimum investment amounts and fee payments
• Collection and verification of Customer Due Diligence (CDD) and Know Your Client (KYC) documentation in accordance with jurisdictional requirements
• Distribution of statements, reports and other communications to investors

Corporate Secretarial Services

We provide corporate secretarial services through our experienced legal and administrative professionals located in our offices in various jurisdictions. Our services include, but are not limited to, the following:

• Provision of company secretarial and registered office services
• Maintenance of the statutory records and minute books
• Attendance to all statutory filings in the country of domicile
• Arrangement for payment of annual fees to local registrars & regulators
• Attending board meetings and taking of minutes
• Arranging for the execution of Board Resolutions

Information and Technology

Portcullis Fund Administration uses PFS PAXUS as its accounting system. PAXUS has been developed by Pacific Fund Systems specifically for use by the Hedge Fund Administration Industry. This multi-currency system consists of various integrated modules, including: Securities, General Ledger, Share Registry, Corporate Secretarial and Reporting modules. Calculations of administration fees, management fees and incentive fees are automatically performed by the system.

Some of the key features of the system include:

• Integrated fund accounting and transfer agency system
• Supports variety of fund types, including partnerships, funds of funds and private equity funds, as well as a wide range of securities
• Automated calculation of administration, management and performance fees, supporting multi-series and equalisation methodologies
• Possible to define multiple fee structures within one Fund
• Ability to upload of data from text file, Excel file or CSV file, thereby eliminating manual processes and minimising errors

Portcullis TrustNet is able to support the requirements of your fund through its various stages in a professional and tailored manner. Please contact us for further information.

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