Fund administration deals with the execution of back-office activities including fund accounting, financial reporting, net asset value calculation, capital calls, distributions, investor communications, maintain registries of unit/share-holders in the managed funds, and other functions carried out in support of an investment fund.
MNK Capital Management Ltd offers fund administration services to the AIFs/RAIFs under its management through the delegation of this service to a Cyprus fund administration firm licensed as an Administration Services Provider or to a more specialised firm within EU for funds with complex operations, strategies or trades, The Fund administration services offered by MNK Capital Management Ltd and its associates include, inter alia, the following:
- Keeping and maintaining the Register or Participating Shareholders;
- Receiving and processing application forms for subscription, redemption, transfer or conversion of shares/units of the managed funds;
- Monitoring the receipt of subscription monies and calculate the allocations, fees or costs to be deducted from subscriptions, the amounts of any balances, if applicable, to be remitted to subscribers and the number of shares to be issued;
- Receiving all relevant due diligence documentation from applicants for Shares (notably for the purposes of anti-money laundering and know-you client procedures and any other purpose), and communicating such documentation to the AML Compliance Officer;
- Determining the managed AIFs Net Asset Value on each Valuation Day in accordance with the Articles of Association, the Prospectus and the information supplied by the managed fund, and report the Net Asset Value per share to the manager, existing Participating Shareholders and prospective investors;
- Keeping full and proper books of account for the managed AIFs/RAIFs and such financial books and records as are required by Law, or otherwise for the proper conduct of the financial affairs of the funds under management;
- Allocating the profits and losses of the managed funds to each relevant Share Class in accordance with the provisions of the Articles of Association and the Prospectus of the funds under management.
We shall also provide you with the following accounting/book-keeping tasks:
- Undertaking your fund’s account records book keeping and preparation of the Trial Balance;
- Preparation of monthly payroll, calculation of PAYE (pay as you earn tax), Social Insurance and other deductions;
- Preparation of submission to Income Tax, VAT authority, and Social Insurance offices;
- Preparation of bank payment instructions.