This function forms part of our basic administration model, but it can also be provided as a stand-alone service to a retirement fund that requires a unitised and daily or monthly priced administration environment.
The pricing team ensures that portfolios are priced accurately on a daily basis. The team prices over 2 500 portfolios across the globe - covering all asset classes – and does extensive reasonability testing on received market values and calculated prices.
The pricing function includes:
The technical support team checks to ensure that prices are correct. For added security there is segregation of duties between this team and the pricing team. Part of the team’s daily responsibilities is to do reasonability testing of market values and prices against benchmarks, as well as comparing test results to other funds with similar asset allocations. This is done both on a daily and monthly basis.
The implementation team is responsible for setting up client investment structures and changes to these structures according to a client’s investment mandate.
The treasury team is responsible for the investment, disinvestment and switch instructions to the asset managers as well as the payment instructions regarding investments. They also reconcile portfolios on a
weekly basis to ensure that instructions are processed and confirmed by the asset managers. The treasury team allows for a turn-around time of less than three days to follow-up on long outstanding trades.
The investment accounting team reconciles investment manager monthly reports to values carried on the IPA’s unitisation and pricing system, called Interlink. This is done on a per-portfolio basis.
This team is also responsible for preparing and submitting quarterly asset allocation reports (These are called D427 reports) and any surveys to the South African Reserve Bank (SARS). In this regard the investment accounting team will also compile and submit Regulation 28 reports to the Financial Services Board (FSB).
IPA can provide a number of reports (for a specified period) on a monthly basis, such as: