Fund services
Fund service providers: who a first fund needs and when
Almost every fund needs an administrator, lawyers, an auditor and a bank. Many also need independent directors, a regulated manager, a depositary and compliance support. We help you work out which you need and in what order, and introduce providers used to working with first funds.
The providers a first fund usually needs
Not every fund needs every provider. Your structure and jurisdiction decide the list.
| Provider | What they do | When to appoint |
|---|---|---|
| Fund administrator | Keeps the fund's books, calculates its value, runs the investor register and anti-money laundering checks, and often handles regulatory filings. | Early, as it sets the pace of the launch. Some jurisdictions require a locally licensed administrator. |
| Lawyers | Advise on the structure and draft the fund documents, partnership agreement or articles, and provider agreements. | Once the structure and jurisdiction are agreed. |
| Independent directors | Sit on the fund board and oversee the manager and providers. | Before launch, as the board approves the documents and appointments. |
| Manager or AIFM | The regulated entity that manages the fund, where the route needs one. This can be your own firm or a third-party host. | Alongside the structure decision, as it affects the regulatory route. |
| Auditor | Audits the annual accounts. | Before launch, so the first year end is planned. |
| Bank and custodian | Hold the fund's cash and assets. Some routes also need a depositary. | Early, as opening fund bank accounts can take weeks. |
| Compliance support | Anti-money laundering officers, compliance monitoring and regulatory reporting. | Before the first investor is onboarded. |
| Foreign exchange provider | Converts investor money, distributions and fees between currencies, usually at better rates than a bank, and can help manage currency risk. | Before the first investor money or asset purchase in another currency. |
Our panel of fund administrators
We work with a panel of fund administrators to help get fund managers the best deal. Where it suits your fund, that includes Obsidian. If you appoint a provider we introduced, that provider may pay us an introducer commission. We tell you before you decide, and you are free to appoint anyone you like.
We have relationships with suppliers in all sectors and can make introductions - administrators, law firms, auditors, directors, banks and foreign exchange providers across the major fund jurisdictions. We will suggest the ones that fit your fund.
If your investors or assets are in more than one currency, we can introduce foreign exchange providers who work with funds.
Why the order matters
Managers do not need a long list of providers. They need to know which ones matter, in what order and why. Appointing the administrator and the bank early, and the lawyers once the structure is settled, avoids paying for work twice.
Speak to us about your provider line-up
Tell us about your fund and we will suggest which providers you need, when to appoint them and who is worth talking to.