This is the service scope that Great Lakes Fund Solutions provides to a series of offshore feeder funds for a U.S. master fund:
Investor Services
- Processing subscriptions and redemptions
- Hosting a secure web portal for investors, advisors, broker/dealers and service provider to access and change information.
- Processing redemptions
- Mailing acknowledgement of investment, redemption and change in account information to investor and custodian
- Storing document images pertaining to each investor on secure web site
- Performing anti-money laundering (AML) screening and reporting
- Reconciling monthly investor activity with custodians and the fund sponsor
Financial Services
- Maintaining fund history database
- Month-end processing (posting redemptions, transfers, and new sales, creating monthly financial statements with fund PnL and shareholder detail)
- Calculating share class distribution from the aggregate fund
- Creating consolidated monthly financial statements for each share class
- Completing the monthly close and creating the Books of Original Entry
- Coordinating the annual audit
- Filing quarterly with fund’s offshore domicile
- Maintaining and reconciling fund bank accounts
- Creating and authorizing wire payments