Fund Accounting Agreement

This list is not exhaustive and, in particular, when a fund manager has decided to outsource some of these tasks to an external entity, some or all of the Fund`s administrative activities can be characterized as “fund management.” Specific activities that are definitely not part of the fund`s management are those directly related to the commercialization and development of a collective system of capital: the NAV, which was to be calculated and declared independently of [managers], was fundamental to the applicants` initial investment decisions, decisions to invest additional resources and decisions to maintain investments over time. The number of shares the applicants received in exchange for their investment amounts depended on the calculations of the NAV [of the trustees]. The applicants` subsequent reported profits also reversed [the trustees`] calculations. Therefore, the applicants necessarily based themselves on the calculations of THE NAV [the administrator]. [5] According to some fund managers, any task necessary to maintain the fund that does not fall within one of the two categories mentioned above could be considered fund management and could be a candidate for outsourcing. Fund managers often choose to outsource one or all of these activities to external specialized companies, such as. B the deposit bank of a fund. These companies are often referred to as fund managers. Before deciding the dispute, the Tribunal found that, although the administrative agreements did not explicitly designate investors as third-party beneficiaries, the applicants satisfactorily submitted the intention to allow third-party application, since the administrative arrangements provide that Citco`s defendants must provide certain specific benefits directly to the applicants. [5] The Tribunal also found that the applicants reasonably asserted that there was a discrete group of potential investors known to managers and that the managers intended to rely on the NAV to invest in the funds. [5] In addition, the Tribunal found that the administrator who forwarded NAV statements to interested parties to investors was sufficient to assert a “binding requirement.” [5] The “credit crisis” of the early 2010s had a significant impact on fund management service providers.

General Status 116-36.1 allows the university to create accounts or trust funds outside the state budget codes for certain categories of funds.