Our Fund Services business was established to support the continuing growth of our business and to address an increasing demand from our networks for the delivery of these specialist services. Whilst we provide a broad range of fund administration services, our approach is targeted towards servicing Jersey Private Funds with private equity or real estate investment strategies and where bespoke and flexible services are required, tailored to the specific needs of the fund manager or promoter.
Typically, we might be working with managers or promoters in a “start-up” phase or who are looking to launch smaller funds that are under the thresholds considered by the larger fund administration firms. We might also be supporting family offices looking to put a light-touch regulatory wrapper around their asset holding structures where a more private client style, relationship driven service is required.
We can be flexible with our fee arrangements. We are not fixed to ad velorum or fixed fee pricing methodologies and are happy to align our fee structure to reflect that of the fund promoter or manager.
Designated Service Provider (“DSP”)
The appointment of a DSP is a requirement of the Jersey Private Fund Guide issued by the JFSC. The DSP must be a regulated service provider in Jersey and carries the responsibility of ensuring that the Jersey Private Fund remains in compliance of the requirements of the JPF Guide and Jersey Anti-Money Laundering legislation.The DSP will also be responsible for submitting the JPF application and its annual returns to the JFSC and for ensuring that all appropriate due diligence on the fund, the promotor and all related parties is carried and relevant documents maintained in Jersey.
Fund Formation, Administration and Accounting
During the fund establishment phase, we provide support and guidance to the fund promoter, arranging and coordinating closely with legal and tax advisors in the drafting of relevant fund documentation and the application to the JFSC.We will also coordinate with other key service providers such as auditors (if required) and financial institutions to set up and operate bank and custody accounts for the fund. Following establishment, we will tailor the extent of our services to the requirements of each particular client. As part of this service we will organise capital calls and distributions, monitor inflows, oversee payments, monitor and reconcile bank accounts. In addition, we provide bookkeeping and accounting services, including the preparation of annual financial statements and regular fund valuations on a quarterly, 6-monthly or annual basis. We also support the calculation of all fees and accruals including management and performance fees.
Our services include the maintenance of share, unit and partnership registers; processing of all investor related transactions including subscriptions and redemptions, transfers, capital calls and distributions; collecting and verifying customer due diligence and KYC documentation; sending out investor statements, reports and other communications to investors.
Company Secretarial & Directors
We provide a full range of company secretarial services including providing registered office services in Jersey and the UK, facilitating registered agents for any non-Jersey domiciled companies, maintaining statutory records and minute books and arranging, attending and minute taking for board, shareholder and trustee meetings.Where requested, we can provide Jersey resident directors who are either in-house Fiduchi senior personnel or external and independent of our business, with specific experience relevant to the fund in question.
Tax compliance and reporting
Although we do not give tax advice, we work with a network of advisors to allow our structures to fulfil their filing and tax obligations – this would include the compilation and submission of quarterly and annual tax returns as well as CRS and FATCA reporting.