We understand the challenges of the financial markets and the demands of the regulatory environment. We recognise that our clients need to concentrate on growth and managing their funds, so we enable them to do so by taking care of all their middle and back office functions.
Our Fund Accounting offering includes, amongst others: portfolio accounting, NAV production, Portfolio reconciliations, Investor services, AML/KYC compliance, Payment services and Audit/tax support.
Please find the overview of services and details below.
As a fund administrator, we understand the challenges that our clients face in today’s environment: the continuously changing requirements for managing a fund and increasingly complex reporting duties. Our knowledgeable and experienced teams fully understand the characteristics of a broad range of investment funds.
We ensure that our clients can solely concentrate on managing their funds’ portfolios rather than on back-office operations. We offer a complete range of fund accounting and administration services for hedge funds and funds:
- Processing trade and non-trade related transactions;
- Preparing books of accounts by compiling accounting records from independent sources, reconciling account statements and balances, pricing the portfolio, calculating income and expense accruals and fees and calculating the Net Asset Value of participations;
- Computation of independent valuation and track Investments;
- Computation of management/performance fees, and other fees (if applicable);
- Computation of interest charge calculations and allocations, tracking return of capital, rates of return, etc.;
- Computation hurdle and/or other applicable fees
- Computation income and expense accruals;
- Process and reconcile cash transactions;
- Computation and process net asset values (NAVs);
- Liaise with external providers;
- Computation and disbursement of fees; and
- Publishing of the NAV (if required).
Special care is given to accurate and swift communication with the funds’ investors, ensuring a smooth and satisfactory service and helping our clients to create a sound reputation for their funds. Our investor relation team provides a full range of registrar, transfer agency and investor relation services:
- Collect and process client documentation;
- Provision of share registrar, transfer agent, paying agent and settlement functions;
- Maintenance of the register of investors and related documents ;
- Maintenance of capital account balances for partnerships;
- Processing of all subscriptions, contributions, redemptions, withdrawals, transfers, and switches;
- Know-Your-Customer and Anti-Money-Laundering identification procedures;
- Assistance with cash management functions and payment process;
- Distribution of dividends or applicable payments; and
- Distribution of investor statements and investor communication.
We provide middle office services so that our clients can leverage our expertise and free up in-house resources, which in turn allows them to stay focused on their primary investment objectives:
- Daily corporate action processing;
- Daily prime broker position, proceeds/cash and trade reconciliation;
- Reconciled T+1 P&L reporting;
- Trade and position break reporting; and
- Ad-hoc trades and position activity reporting.
In a time of increasing regulatory changes and growing investor needs, we understand that timely and accurate reporting is essential for stakeholders. We meet our clients’ reporting needs, including the provision of financial, regulatory and tax reporting services:
Bolder works with external software vendors and have developed a bespoke application that prepares and compiles financial statements under IFRS and (Dutch, Luxembourg and Local GAAP, quarterly, semi-annually or annually. Also: Preparation of unaudited financial statements in conformity with relevant accounting standards.
We directly provide the relevant regulatory bodies in the domicile of a fund with appropriate financial information in the required format and at the correct interval (as prescribed by law). In addition, we can assist fund managers in meeting their respective regulatory requirements:
- Reporting in compliance with AIFMD;
- Reporting that conforms to the AEOI requirements;
- Fund Annual Returns (FAR);
- Form PF reporting assistance;
- Blue Sky filing assistance; and
- Compiling data for other regulatory reporting.
Bolder provides fund managers with the necessary reports and support to produce the required investor tax reports. We can also provide the relevant tax authority with information specific to a fund’s holdings. Examples:
- FATCA & CRS returns;
- Communication with local tax authorities or IRS;
- Investor classification and identification of investors to be compliant with the US Foreign Account Tax Compliance Act (FATCA/ OECD’s AEOI);
- Classification and registration of funds with the local tax authorities;
- Gap – analysis (for existing structures) to identify if further information is required;
- Registration of the funds with the IRS and local tax authorities;
- K-1 reporting assistance;
- Acting as the FATCA Reporting Officer; and
- Other duties under CRS or FATCA.
Bolder assists clients in navigating through the regulatory and legislative environment in multiple jurisdictions by offering a full range of corporate and legal services. Our local presence and in-depth local expertise ensure clients receive services of the highest quality. In addition, we can recommend third-party service providers in most jurisdictions.
We provide a comprehensive range of incorporation and set-up services in major fund jurisdictions like the Netherlands, British Virgin Islands, Cayman Islands and Luxembourg:
- Advice on the type of structure;
- Drafting of the offering and constitutional documents;
- Assistance in opening of bank, custody and brokerage accounts;
- Assistance in obtaining business or professional authorisation and tax registration;
- Obtaining security identifiers;
- Coordination with other service providers such as auditors, banks, legal advisers and public notaries; and
- Set-up of a management company.
Our Bolder legal team provides ongoing legal services to funds:
- Organisation and recording of board and shareholders meetings;
- Submission of reports to local authorities;
- Preparation and filing of statutory returns;
- Assistance in the opening of bank, custody and brokerage accounts;
- Review and preparation of corporate legal documents;
- Liaising with local legal and tax advisers; and
- Assistance with liquidations or re-domiciliations.
Bolder staff of each location has extensive knowledge and provides a full range of domiciliation services:
- Registered agent, registered office and secretarial services;
- Registration with local authorities;
- Provision of local directors for the (day-to-day) management of a fund;
- Maintenance of register of shareholders and members; and
- Protection and archiving of corporate documents and records as required by law.
AML OFFICER SERVICES (MLRO, DMLRO and AMLCO roles)
- Appointment of Anti Money Laundering Officer and/or (deputy) money laundering reporting officer of the fund;
- Establishment of appropriate controls and reporting procedures to prevent money laundering;
- Set up of sanctions compliance program to screen against applicable sanction lists;
- Maintaining adequate systems to identify risk in relation to persons, countries and activities; and
- Adoption of a risk-based approach to monitoring financial activities.
Our Treasury management team will work with our clients to initiate the opening of the fund or company bank account with one of our premier financial institutions. Our Treasury management team follows international standards while ensuring the segregation of duties with independent transaction preparation, review and release of wires.
- Bank account set-up and maintenance;
- Wire Transactions, cash reconciliation and compliance;
- Transfer balances for investments;
- Expense payments, accruals and budgeting;
- Independent controls; and