Terra Partners Group, the investment manager of the frontier market-focused Worldwide Opportunity Fund (Cayman), has retained SS&C Fund Services to administer the fund’s A and CEF classes of shares.
In the past 12 months Terra Partners has witnessed an increase in institutional interest in the frontier space and Worldwide Opportunity Fund’s A and CEF classes in particular.
However, the fund’s self-administered status has become an obstacle for new investors given the market’s preference for independent administration. Terra Partners has decided to outsource certain administrative functions to SS&C Fund Services.
Terra Partners opened its Worldwide Opportunity Fund in March 2003.
"At the fund’s inception self-administration for frontier funds was more the rule than the exception and no significant industry participant was capable or willing to make the necessary investment to provide support for a new fund with less than USD10m and trading in some of the most remote and illiquid markets in the world," says Howard Golden, co-founder and chairman of Terra Partners. "The only solution was to build a highly skilled, multi-lingual team to support trade, settlement and pricing in those very markets."
SS&C Fund Services will provide support in three areas: middle office, fund accounting and agency services.
In the middle office area SS&C will record daily trades from the manager, process all corporate actions and reconcile all custody and brokerage statements with the fund’s records.
In the fund accounting area it will independently calculate the monthly NAV for both classes, as well as handle the fund’s tax accounting and reporting.
The agency services to be provided by SS&C include the processing of subscription and redemption transactions, and providing the monthly NAV to the respective shareholders.
