Accounting
Valuations, fee invoices and client books, worked out from the same reconciled data the rest of TAC uses.
Checks
Each portfolio is valued on the 15th and at month end, from statements that have already been reconciled.
Management fees, performance fees and retrocession rebates, with the full list of holdings for the quarter attached.
The person who sends an invoice cannot also approve it. TAC blocks the approval.
Invoices go out with your logo, your signatory and your wording.
Realised and unrealised P&L, worked out from your trade blotter on a first-in, first-out basis.
Client books today. Fund books through the group's fund administration team.
The AUM on an invoice is read from the same figure the Account Monitor shows for that date. The invoice does not calculate its own. If the two differ, the invoice is held.
What you receive
Quarterly fee invoices, approved and recorded
Fee notes and adjustments, picked up when fees are recalculated
P&L by account and by security
TAC works out, drafts and checks each invoice.
Our team reviews the draft and the AUM behind it.
A principal approves the invoice before it goes to the client.