Who we serve / 1940 Act funds
Daily reconciliation and controls for registered credit funds.
A registered fund that holds loans must produce accurate figures frequently, in an asset class whose settlement and servicing processes were not designed for speed. We help these funds design their daily controls, implement the software that supports them and, where required, perform the daily reconciliation and data processing.
Operational pressures
What makes operations demanding for 1940 Act funds.
- Frequent, accurate figures
- Positions, cash and accruals must be correct far more often than a quarterly private fund requires.
- Slow settlement, frequent reporting
- Loan settlement periods and agent notices do not follow a daily calendar, so open items must be tracked closely until they are resolved.
- Controls that can be evidenced
- Boards, auditors and administrators expect a record showing that each check was performed, by whom and when.
How we engage
Consulting, software and managed services for 1940 Act funds.
Operations advisory and transformation
Advise
We design the daily control framework and the data flows between the adviser, the administrator and the custodian.
Data and technology implementation
Build
We implement SmartRec to reconcile daily and keep a full record of each reconciliation, TradePath for loan trade settlement and Orion for data collection.
Managed investment operations
Run
Our operations staff perform daily reconciliation and data operations and support the fund’s reporting.
Relevant products
Products 1940 Act funds most often start with.
Continuous reconciliation
SmartRec
Reconciles positions, cash and activity daily against custodians, trustees and internal systems, and tracks each break to resolution.
SmartRecLoan trade settlement
TradePath
Works alongside ClearPar to manage approvals, settlement documents and wire memos, and keeps a complete archive for audit.
TradePathData and automation platform
Orion
Collects and standardizes credit data from any source, performs the calculations and automates the routine tasks that depend on that data.
OrionDiscuss your priorities.
Describe the operational issue that most concerns you. A senior member of our team will respond.