Global Fund Solutions

Mauritius is now recognized as a leading international financial centre for global fund structuring and administration, for investment particularly in Indian, Asian, Middle East and African countries. The Companies Act 2001 and Securities Act 2005 are funds-friendly. Foreign recognized schemes may be registered in Mauritius. Lower cost professional and administration support as compared to EU or USA costs combined with treaty benefits enable efficient operation of funds from Mauritius.

GWMS has in-depth expertise in the setting up and administration of global collective investment schemes commonly known as funds. Funds are extensively set up by Foreign Institutional Investors and their Sub Accounts to channel their investments into Asia including India.

The GWMS Fund Solution is, in effect, a highly integrated service provided by qualified and experienced professional and graduate staff, backed by robust technology, which encompasses comprehensive preliminary planning, formation and ongoing administration of the Fund. Each critical step of the Global Licence application process is documented and discussed with the promoters of the Fund to ensure that a coherent and highly professional application and constitutive documents are presented to the authorities for swift licencing. Our international taxation desk provides full assistance to ensure that full benefits are taken of taxation treaties. GWMS's priority, at all times, is to recommend and to enforce procedures to ensure that the companies and Funds it administers are effectively managed from Mauritius.

Why GWMS?

The strengths of the GWMS Fund Solution are:

• Tested CIS administration solutions adapted to client needs
• Senior management speak your language including English, French, Hindi and Gujerati
• GWMS staff is trained in the operational aspects of fund administration
• Senior Management and Staff have a hands on approach and available to discuss your needs and to advise you on the way forward saving you time, saving you money and putting you first!
• Customised fund accounting software combined with our staff knowledge of the accounting processes and analytical review ensures that the technology delivers reliable results on time, every time!
• India and Africa specialist fund knowledge resulting in fast understanding and implementation of your sub-accounts, FIIs, FVCIs, private equity projects
• Policy of Continuous professional education policy for our staff

Fund Accounting and Portfolio Services

GWMS recognizes that its global clients require a Fund Solution that provides a complete, timeous, consistent, accurate, credible and above all a reliable fund accounting system. To assist us to deliver on these objectives, GWMS makes use of its human resources combined with technology in the form of a continuously upgraded fund accounting software.

The following comprise the components of our fund accounting process:

• Independent price discovery and fund valuation in line with IFRS principles
• Daily reconciliation of cash balances and positions with custodians
• Automated upload of daily trading activity when available
• Processing of corporate actions and dividends
• Expense accrual management
• NAV calculation
• Equalization accounting
• Cash administration and reconciliation
• Calculation and timely payment of all management and performance fees in accordance with the scheme agreements
• Preparation of financial statements, including co-ordination of the annual audit.

Middle Office

GWMS recognizes the need for and is able to provide support services to investment managers for the purposes of operational flexibility and Mauritius tax residence considerations. Our middle office services include:

• Coordinating and placing of orders with brokers
• Getting confirmation from broker
• Giving instructions to the Indian Custodian of the Fund pertaining to trade confirmations
• Keep track of executed orders and the class of shares to which the orders pertain
• Maintaining class wise segregation of assets and liabilities of each classes of shares of the Fund, in coordination with GWMS Fund Administration arm
• Giving instructions to the Indian Custodian and Mauritius Cash Custodian of the Fund
• Coordinating with the Indian Custodian to obtain best possible conversion rate as and when required
• to report as appropriate or requested to the Investment Manager.

New Fund Set Up

The planning phase of the set up process is crucial and often carries the seeds of a later successful implementation of your project. Conversely, delays and costly failures may also result where initiation of a project is done without properly thinking it through. Once our services are retained, we ensure that, at the onset, proper direction is given to the project to guide it through to its logical conclusion through the provision of documented timelines, checklists, explanation of documents required and assignment of responsibility to the various tasks.

• Continuous follow ups by emails and physical planning meetings where appropriate and mutually agreed upon are held with all parties concerned to progress the project to the regulator application phase up to the launch of the CIS
• Allocation of experienced staff to the project to ensure that agreed deliverables and deadlines are met
• Expert review of the scheme documentation and liaison with all parties concerned
• Liaison with the FSC to address all queries timeously and ensure that the appropriate global business licence and authorizations under the Securities Act 2008 are issued
• Creation of an account on our fund accounting software for the new CIS and testing and execution of automated data transfer and capturing of data as ppropriate
• Introduction to reputable brokers, banks, auditors and other service providers

Fund Accounting System Technologies

GWMS uses an innovative fund accounting technology called Alternate Investment Tracker (AIT) custom developed by Confisys Solutions which is an India-based software company focused on providing software products based solutions to asset management companies and fund administrators in the private equity and hedge funds industry.

AIT is a back-office tool designed specifically for hedge funds operations. GWMS has contributed significantly in its development. The most salient features of AIT are:

• Always available, single-click daily NAV
• Automatic performance fee calculations
• Ready financial statements, fund performance and investor reports
• Seamless support for multiple currencies
• Fully-integrated multi-class functionality
• Comprehensive coverage of Indian securities market.