What Is Fund Administration?

Simply put, fund administration is the outsourced performance by a third party of back-office functions for an investment fund. In terms of the investment portfolio (the asset side), fund administration involves accounting, tracking and reporting transactions and values for the portfolio as a whole and, if necessary, for the portfolio assets individually. In terms of the fund’s shareholders (the investor side), fund administration means establishing and maintaining the investor registry in a specialized fund administration software application and seeing to the investor-related administrative activity. This will include the processing of new investments and transfers, payment of distributions and sales commissions, capital calls, proxy voting and other necessary communications with the fund’s investors, their financial advisors, and other intermediaries and industry participants.

Full-service fund administration also includes online account access for investors via an investor portal, the production of tax documents for investors, bank account management for the fund, regulatory compliance services, printing, fulfillment and interaction with the fund’s auditors. The goal of full-service fund administration is to free the fund management from the expense and difficulty of employing and managing in-house teams for these non-core functions so that management can concentrate on raising funds and acquiring assets.

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