IBN offers comprehensive fund administration and accounting services based on financial data gather from Brokers, Banks and other sources and reconcile internal records with the gathered data. IBN renders following services
• Trade & Position reconciliation with prime brokers
• Independently calculate and record income and expense accruals and reconcile with prime brokers’ activities
• Calculate and record management fees in accordance with fund documents
• Calculate and record incentive fees per fund documents
• Preparation and maintenance of complete set of books, from a comprehensive General Ledger, Trial Balances, security ledgers, realized capital gain /loss statements, Income and Expense statements, to all other necessary supporting schedules
• Preparation of Financial Statements for each period end
• Calculate NAV for each share class in accordance with fund documents
Preparation of preliminary tax allocation based on tax allocation method selected by fund and report for review of fund’s auditor; preparation of draft Federal K1 Forms (subject to the review and approval of all allocations and footnotes by the fund’s auditor and tax advisor)
Processing Investor subscriptions and redemptions including review of all subscription documents, issuance of welcome letters, and communications with investor to obtain needed information not included in subscription document, determining proper tax classification of new investors, verification of authenticity and eligibility of redemption requests, calculation of distribution amount.
• Perform AML procedures in accordance with local AML laws and regulations
• Maintain investor contact database
• Prepare an account statement for each investor
• Compute monthly and year-to-date gross and net performance for each investor or share class
• Distribute monthly statements, notices, audit reports, and tax forms to investor
IBN will work closely with Fund’s auditor and ensure timely and efficient completion of the annual audit. As Fund Administrator IBN prepares and provides schedules, reports, explaining transactions and other general assistance in Audit
IBN will ensure compliance with Anti-Money Laundering requirements as needed by local regulatory bodies. Applying necessary AML policies and procedures maintain required investor information and records of AML activities and providing information requested by governmental and regulatory bodies
Compare securities/ financial instrument pricing to independent pricing provided and ensuring that manager-priced securities comply with fund pricing policy. IBN also helps in discovering the price of the Financial Instruments which are not readily available by using independent third party service provider.