Sat, 01/10/2005 - 22:00
The first of a six-part guide by Dermot S.L. Butler, Chairman of Custom House Administration & Corporate Services Limited (Custom House).<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
1. What is Administration?
"Administration", in the context of Alternative Investment and Hedge Funds means, in effect, the management of the Fund in virtually all aspects of the day-to-day operations of the Fund, except the actual investment of the assets, which is the responsibility of the Investment Manager.
In this role, the Administrator is always answerable to the Board of Directors or Trustees of the Fund and does not have any actual management control.
In simple terms, an Administrator is responsible for ensuring the efficient operation of a fund, whilst at the same time relieving the Investment Manager from having to conduct administrative functions, such as:
Carry out money laundering due diligence with regard to investors;
This is not an exhaustive list of an Administrator's duties - but it should give managers a reasonable idea of what is involved.
In summary, an Administrator should be responsible for making sure everything is done to enable the fund to run efficiently in all aspects, except the management of the assets - that is the Investment Manager's task.
Dermot S.L. Butler is Chairman of Dublin-based Custom House Administration & Corporate Services Limited ("Custom House"), a company that specialises in assisting clients in the organisation, establishment and administration of alternative investment and hedge funds. Custom House is regulated by the Irish Financial Services Regulatory Authority ("IFSRA"), and authorised under Section 10 of the Irish Investment Intermediaries Act, 1995.
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