FAQ FUND SERVICES

This FAQ section explains how our fund services are structured and provides information about our services, systems and procedures.

1. In which jurisdictions does Trustmoore provide fund services?

We are active in the world’s major financial centers. Our main fund-services hubs are located in Luxembourg, the Netherlands, the United States (New York), Curaçao, Cayman Islands, Ireland and Singapore. Trustmoore also has offices in the United Kingdom, Hong Kong, Malta, Bulgaria and Cyprus.

2. What type of services does the Fund Services team provide?

We provide the following services, among others:

  • Registrar and transfer agency
  • Investor relations
  • Portfolio accounting and valuation
  • Middle office
  • Know your client (KYC) and investor due diligence
  • Regulatory compliance
  • FATCA/CRS
  • Tax reporting
  • Audit support

We also specialize in services ancillary to your fund structure, which include corporate services and bookkeeping for foundations, special-purpose vehicles (SPVs), general-partner vehicles, carried-interest vehicles and holding entities.

  • Setup
  • Directorship
  • Registered address
  • Corporate secretarial and legal counsel
  • Bookkeeping and financial reporting
  • Bank-account-opening support

3. Does Trustmoore provide regulatory reporting services?

Yes, we specialize in FATCA and CRS reporting. We can assist you with submission of FATCA and CRS reports by converting the necessary information into the required XML format and arrange for submission with relevant tax authorities. We also assist with the preparation and review of self-certification forms that funds require from their investors.

4. Do you provide custody and depositary services?

No, we do not provide custody and depositary services, as we believe these should be provided by an independent party. However, we do have access to a large network of partners. We act independently and therefore can work with your preferred partner for these services. Our custodian and depositary partners can provide cash-flow-monitoring services, safekeeping duties and oversight duties. All our partners have extensive knowledge and experience to act as depositaries for alternative-investment funds and UCITS. We would be pleased to introduce you to these reputable firms for assistance with the services you require.

5. Does Trustmoore provide services for a foundation as legal asset owner?

We also specialize in services ancillary to your fund structure. We have specific licenses to act as an independent director for foundations.

6. Can Trustmoore assist with my SPVs?

Yes, we also specialize in services ancillary to your fund structure. We have specific licenses to act as an independent director for your SPVs.

7. How many funds and assets under administration does Trustmoore service?

We currently service more than 40 fund clients, administering over 120 funds ranging in size from EUR 10 to 300 million, with total assets under administration of more than EUR 3 billion.

8. Which accounting and reporting system does Trustmoore use?

PFS-PAXUS is an award-winning specialist accounting and administration software for traditional and alternative funds. A proven global technology solution for the fund-administration industry, this system enables automation of all fund-administration components on a single platform. PFS-PAXUS improves administrative efficiencies, implements essential controls, manages operational risk, reduces the risk of error and provides fast valuations. The software has a real-time interface with a web-portal platform that offers fund managers and investors access to detailed fund, holding and transaction-related information.

9. How does Trustmoore record commitments, capital calls, and distributions?

Our specialized Fund Services team will ensure that commitments are recorded based on fully signed subscription agreements.

Capital calls are prepared based on fund documentation and the operating memorandum. We verify that funds are provided from the bank account disclosed in the subscription agreement and in compliance with anti-money-laundering (AML) policies.

Distributions are recorded accordingly in our fund administration system and for compliance purposes, a callback will take place at the time of initial distribution and in the event that bank-account details change.

For distribution of investor notices, Trustmoore can use platforms with secure investor log-in portals. This guarantees secure investor access to information anytime and anywhere. Portals can be tailored with custom branding and data can be visualized to predefined widgets such as account summaries, tables, charts and maps. Should email correspondence be preferred, we can also offer this securely.

We have a “four-eyes principle” procedure in place for all processes mentioned above.

10. How does Trustmoore screen and monitor investors?

As a fund-services provider, we conduct AML and KYC requirements on investors. All requested investor data is uploaded into AML-spotter software for daily screening against various databases on news, sanctions, publicly exposed persons, etc. Expiry date of passports or other KYC documents are also included and tracked in our system. Depending on the investor-risk rating, KYC review is performed on a six-month or annual basis. As our client, we will work closely with you and will therefore communicate any reportable findings to you directly.

11. How are Trustmoore Fund Services teams organized?

Our Fund Services teams consist of trained professionals with previous financial and legal experience in (fund) accounting and audits, M&A, (fund) structuring and taxation. For client convenience and business continuity, each client enjoys a dedicated team. This team generally consists of a:

  • Client Director
  • Fund accountant and reporting specialist
  • Onboarding and investor-relations specialist

Obviously, other professional team members will also be involved with your case and can be reached if and when required. Your team works closely with the Global Head of Fund Services for your cross-border structuring, as required.

12. How many clients does a team service?

Our client-team ratio strongly depends on the assets under administration, specific reporting requirements, number of investors, as well as ancillary-fund structure services required.

13. Is Trustmoore licensed and regulated?

Yes, we have all the licenses required for providing fund services and ancillary services from all our offices worldwide.
Our licensed and regulated locations:

Netherlands 

  • ISEA 3402 certified
  • Regulated by the Dutch central bank and Netherlands Authority for the Financial Markets
  • Closely monitored under the Act on the Supervision of Trust Offices
  • Servicing full Alternative Investment Fund Managers Directive (AIFMD) and AIFMD “light” regime clients

Luxembourg

  • Regulated by local financial regulator CSSF
  • Central-administration agent for the financial sector
  • Servicing regulated and unregulated clients

14. How does Trustmoore’s onboarding process work?

We are subject to AML and counterterrorism financing (CFT) regulations. We therefore have an onboarding (compliance) procedure in place for each new client.

The necessary steps can be summarized as follows:

  • Client engagement with Trustmoore to generate a tailored proposal for discussion and agreement prior to proceeding.
  • Client due-diligence-reviewing structure, transaction documentation and ultimate beneficial owner.
  • Onboarding in Trustmoore accounting and reporting systems, and structure setup in cooperation with legal advisors.

15. What are Trustmoore’s ongoing compliance procedures, if any?

In accordance with financial-sector requirements, we are subject to ALM and CFT rules and regulations (EU 4th ALM Directive).

We have a global fund-compliance policy in place in order ensure we comply with all international (AML/CFT) rules and regulations.

To reduce the risk of error and to ensure adequate workflow, we use tool-based processes for client onboarding, screening and transaction monitoring. Client and investor screening is done automatically using certified AML spotters such as Worldcheck (ThomsonReuters) and LexisNexis.

Get more information

Global Head of Fund Services

+31 20 471 2707

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