ADMINISTRATOR/ 
SERVICE
ACS 
OPERATOR
CUSTODIAN
DEPOSITORY
PERFORMANCE 
MEASUREMENT
TRANSFER AGENT
AUDITOR
Authorised 
Corporate Director
INVESTMENT 
MANAGERS
LEGAL
INVESTMENT MANAGERMENT
Investment Strategy and Risk Parameters review or for new funds
x
Appointment of an asset manager for the fund 
x
Review of Reports flowing from opeartional teams
x
Day to day decisions about composition of funds
x
Entering contracts with brokers and other market participants
x?
x?
Trade processing i.e. trade matching/confirmation with broker, provision of trade instruction to custodian
x
Portfolio accounting i.e. maintenance of investment books and records
x
Pricing and valuation (for internal monitoring /management  purposes
x?
x?
Corporate actions and proxy voting
x
Derivatives servicing and collateral management to the extend relevant
x
x
Data management e.g. setting up static data such as approved brokers, client date e.g. base currency, details of relevant custodian and restrictions on client account
x?
x?
Client reporting e.g. performance measurement , risk analytics, investment reporting
x
Settlement management
x
Income and tax reclaim collection
x

## Options For Service Outsourcing

ACS 
OPERATOR
CUSTODIAN
DEPOSITORY
PERFORMANCE 
MEASUREMENT
TRANSFER AGENT
AUDITOR
Authorised 
Corporate Director
INVESTMENT 
MANAGERS
LEGAL
GENERAL ADMINISTRATION Obtaining and maintaining FCA authorisation for new sub fund launches , prospectus updates
x
Monitoring investor cashflows throughout the fund structure
x
The execution of relevant documents or contracts on behalf of the ACS
x
Dealing services, i.e. dealing with orders for subscriptions and redemption of units in the ACS by investors, settling deals, dispatching trade confirmations , receiving and making payments , conducting switches and conversions
x?
x?
x?
Box management and fulfilment
?
Fund accounting services, including valuations, pricing, and tax returns
x
Registrar services e.g. maintaining the register of unit holders and servicing unit holders (e.g. dispatch of reports and accounts, notice of meetings, holding unit holder meetings etc.
x
Paying out fund distributions to investors
x
x
Record keeping (including holding any personal date of investors as relevant)
x?
x?
Call centre function, and dealing with investor queries  and complaints
x
Regulatory compliance monitoring
x
x
Conduct of in specie transfers
x?
x?
x?
Appointment and oversight of auditors for the ACS
x
MARKETING Maintaining of the overall marketing and distribution strategy for the ACS and carrying out marketing plans
x
x
Obtaining and maintaining relationships with key investors and distributors
x
x
Entering into relevant contracts, where relevant
x
Maintaining general marketing materials, investor updates etc.
x
x
Maintaining any relevant websites
x
x
DISCLOSURE
ACS 
OPERATOR
CUSTODIAN
DEPOSITORY
PERFORMANCE 
MEASUREMENT
TRANSFER AGENT
AUDITOR
Authorised 
Corporate Director
INVESTMENT 
MANAGERS
LEGAL
Disclosure Notifications to investors, Fundamental, significant, etc. 
x
x
Other regulatory disclosures e.g. TCF, pricing, product governance etc.
x
x
DEALING Dealing window issues and monitoring
x
x
LIQUIDITY Managing the funds Liquidity
x
x
INVESTMENT RESTRICTIONS Compliance monitoring on investment restrictions e.g. derivatives risk monitoring
x
x
OUTSOURCE PROVIDER MONITORING Management of outsource providers and liability for their acts or omissions
x
BOARD/ COMMITTEE FACILITATION
Investment Committee
x
Risk Committee
x
Board of Directors
x
Managing Director
x