Switching to Apex for fund administration is a fast, seamless and uncomplicated process. To put your mind at rest, here are the 10 basic steps we go through:
1.Agreeing to switch
Fund investors who switch to us can benefit from a faster service delivered locally, lower set up costs and improved fund performance.
2.Complete Due Diligence and Risk Assessment
We will conduct a Worldcheck and complete a client risk assessment; this takes a maximum of seven days and does not interfere with ongoing activity.
3.Assess physical and electronic data requirements
You need to submit a full list of physical and electronic data requirements (these can come directly from your previous administrator).
4.Service levels agreed
A signed service level agreement or working documents detailing agreed delivery times and contact names (for whomever is managing the account) is completed.
5.Go live
We agree on a “go live” date for Apex to become your administrator and will continue to make regular process checks to ensure a seamless handover. Prior to the actual the handover, we will produce full NAV testing of all systems and processes, which will be reconciled with the previous administrator.
6.Transfer timetable and compliance
We will agree on an effective transfer timetable to reduce service disruption. A notice will be given to the current administrator (usually 90 days) to coincide with the ‘go live’ date and Apex pass over all legal documentation pertaining to the fund.
7.Administration agreement finalised
The new agreements should be signed at this stage as the confidentiality clauses in the document apply to future steps in the process.
8.Legal Documentation
We then review all documentation and complete a first draft of the updates for review by legal counsel – this process ensures we keep the switching costs to a minimum.
9.Online access and fund agreements
We help set up and manage online banking, the prime broker and trade blotter format will ensure the seamless transfer of data into Apex’s systems.
10.Audit
Finally, we will import and reconcile all historical data so that the auditors can liaise solely with us for the entirety of the accounting period. Using Apex’s technology during the complete audit period enables a quick and efficient audit process.
