Fund Administration Services
“With Grosvenor Pirie you have a true partnership approach that is focused on easing your admin burdens so you can concentrate on doing what you do best - improving your business”
Hubert (Dan) East, Founder and Executive Director – Grosvenor Pirie Management Limited.
Grosvenor Pirie can administer your fund, while you concentrate on growing your business.
Our fund administration service is suitable for small to medium-sized funds and allows us to tailor specific functionality for your needs.
Our proprietary registry system Reliance has been effectively used by Grosvenor Pirie since 1985 for non-superannuation products and the superannuation module has been in use since 1990.
Reliance has been developed by the integration of several software modules. The complete package comprises three core modules and four optional modules:
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CORE MODULES |
OPTIONAL MODULES |
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NAMES: Client Master File ACCOUNTING: General Ledger IMAGING: Electronic Archiving |
SUPER: SMSF Administration SUPER: Unit Registry Superannuation TRUSTS: Registry Non-Superannuation RIS: Retirement Income Stream |
Reliance also has online reporting functionality including:
- Reliance Reports- fund reporting (advisors, promoters, managers)
- INVESTigator Fund- investor reporting.
Our online products let you or your investors generate up-to-date reports, such as:
- A list of your accounts
- Investor list by advisor
- Your portfolio asset allocation
- A list of investments in each of your accounts
- A summary of transactions
- Transactions listing
- Unit price listing
- Investor statement; and more.
Grosvenor Pirie has the experience, technology and processing capability to handle a wide range of assets, covering both traditional and contemporary financial products.
| Our portfolio administration service encompasses most asset classes, including: |
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HOW WE CAN TAILOR YOUR SERVICE
Grosvenor Pirie can assist with the design and establishment of your fund to the extent the fund requires. The scope of our services include:
1. Third Party Introductions
Grosvenor Pirie may from time to time call upon its extensive range of external experts, such as lawyers, custodians, Trustees, Marketers and graphic designers, who can assist in the creation and promotion of the fund.
2. Fund set-up
Grosvenor Pirie can also carry out a review of documentation, implementation of operational procedures (so that the fund is ready to operate when required) and can liaise with lawyers, custodians, banks and other third parties to ensure a smooth commencement for the fund.
3. General Management
Once the fund has been established, Grosvenor Pirie will act as administrator to the fund, overseeing the day to day operations and liaising between the Investment Manager and/or Investment Advisor(s), Broker(s), Custodian and Payment Bank, Auditor and Regulatory Authorities.
4. Fund administration
Grosvenor Pirie provides a high quality efficient back-of-office support service for fund managers, performing daily/monthly/quarterly Net Asset Valuations (“NAV”s) and providing the accounting function for the funds.
We will also handle subscriptions and redemptions, verify fees and commissions due to the various service providers and authorise all payments to be made by the relevant Custodian or Trustee.
Grosvenor Pirie will arrange for the fund's NAV unit price to be published online if required.
Grosvenor Pirie will also maintain all of the books, records and accounts of the fund and prepare the audit file for the Auditor.
5. Investor relations
Grosvenor Pirie deals with investor queries, sending out statements and reports as regularly as nominated.
6. Daily, weekly or monthly Reporting
Each business day (or reporting period), Grosvenor Pirie will provide a portfolio valuation report based on the closing prices of the previous day. For offshore portfolios, valuation reports will be two days after the close of the last business day. These reports will be delivered by email or fax, or available online.
7. Manager Reporting
An extensive set of reports will be prepared and sent to the manager, Responsible Entity or Trustee. The reports will cover investor activity (new and terminated), compliance, Cash Flow and Income Statements, new investments and redemptions, changes to Grosvenor Pirie’s Disaster Recovery Plan, complaints (new and ongoing) and other matters as required.
Other reports, such as mandate limit reports, can be delivered on a needs basis.
8. Member Disputes / Complaints
Grosvenor Pirie will conduct an audit of internal processes, specifically reporting on service levels of each fund it administers annually, the results of which will be provided to the manager/promoter of the fund for review.
All new investors will receive a package that will include a copy of the ‘Complaints Resolution Procedure’. In the event of any complaint by an investor, it will be processed in accordance with that procedure, which will mirror the procedure Grosvenor Pirie has in place for other products it administers.
9. Relationship manager
Grosvenor Pirie aims to establish a personal relationship with its client. You will therefore, have an appointed relationship manager dedicated to your fund and he or she will be your daily contact point for all your service needs. They will be available to attend regular meetings with you as well as with the Responsible Entity or Trustee.
Reports will be prepared and provided for each of these meetings with ongoing issues identified and actions tabled. As required, other senior staff are also available to attend these meetings.
What are the costs?
Fund administration fees are normally charged based on the value of the assets held. However, as some funds differ in their activity levels, Grosvenor Pirie will determine a price which reflects the amount of work involved. This fee is charged at a sequential rate that decreases as the size of the fund increases. There is a minimum charge per annum.