PFS-PAXUS is a fully integrated fund administration system by design, with all components of the system consolidated within the multi-currency General Ledger. PFS-PAXUS accommodates all major fund structures and asset classes, offers multiple accounting and tax method options. PFS-PAXUS will produce intra-day valuations on demand, and will calculate both estimate NAV’s and final NAV calculations.
The NAV generation features of PFS-PAXUS include:
Share class currency and fund base currency can be created in any combinations with the NAV calculated in the class currency and supported by general ledger posting in fund currency. Foreign currency classes can be hedged by entering financial transactions and allocating the hedges to the specific share classes.
Fee calculation rules for fee types such as administration, management, performance and other accruals (i.e. audit, director, amortisations etc.) and other fund-specific fees can be defined at series level to be automatically calculated and accrued to the general ledger.
The system automatically allocates income and expenses across investors based on fund level allocation rules, including gross method, net method, committed capital method and fixed percent per period. The fund level default allocation rule will be used unless a specific allocation rule is specified at transaction level thus providing transaction level allocation capabilities. Specific allocation rules can be specified on transaction entry to individuals or groups of classes/series/partners.
PFS-PAXUS is general ledger centric, built from the ground up as a multi-currency accounting engine. All transactions are posted individually to the general ledger via pre-configured accounting rules for NAV valuation and financial statement purposes. Journal entries can be posted to future, present and past value dates in any currency. Once a fund valuation is finalised a period can be locked off, preventing inadvertent postings of transactions to that period.
The NAV calculation process is centralised across all series in the fund, or for groups of funds, as a single push-button procedure. The NAV calculation supports three different rounding rules up to 8 decimal places (round off, up or down) for reporting, truncating NAV or by posting rounding entries to the general ledger. The NAVs can be dual priced for bid/offer spreads.
There is a selection of 200+ generic PFS-PAXUS reports available, with multiple parameters and options for each. Generic reports can be run individually or as a pack, either to printer, .pdf, excel or csv. Customised SQL and report formatting can also be written (with SQL knowledge) and stored by users in the application, which can then be accessed and run by users from within the application. As an open relational database users can access the system via any Microsoft ODBC report-writing tool. A data dictionary is published to assist with SQL report writing and queries. Regulatory reporting includes US FATCA, AIFMD Annex IV, Form-PF and CRS.
A full list of generic reports and a sample report pack can be provided upon request: firstname.lastname@example.org
PFS-PAXUS is a specialist accounting and administration application system for the alternative fund administration industry. Within the fund administration industry the shareholder record keeping process goes by many different names; transfer agency, investor services, shareholder services, unit registry, share registry to name but a few.
Regardless of title, PFS-PAXUS can be used to perform this function either as a fully integrated fund administration system or in isolation as a pure share registry platform as a functionally rich Shareholder Registry module exists within PFS-PAXUS.
To support the complex structures that exist in the alternatives industry such as multi-series structures, equalisation, partnerships and private equity, the share registry features of PFS-PAXUS include:
- Full share registry capabilities
- Investor and related party details including contact information, bank account details, regulatory information etc.
- Transaction entry
- Control parameters including redemption terms etc.
- Fees and Commissions
- Lot level tracking
- Equalisation and series performance fees and consolidations
- Workflow functionality, including AML, for highly configurable control
- AML Screening
- Detailed diagnostic/exceptions reporting
- Automated FATCA, CRS, Form-PF and AIFMD Annex IV data capture and reporting
- Automated allocation, including private equity structures
- Investor Communications, including encryption, for all standard communication types
- Document and Image Linking
- Integrated with PFS-CONNECT (web portal)
- Pricing and NAV Publishing
- Transaction Regeneration
- Full audit trail
- Cash Management
Key Focus Areas include:
ACCOUNTING & REGISTRY
Share registry transactions can be entered manually or can be uploaded from a formatted spreadsheet. Future trade can be entered and the estimated value of that trade will update automatically if and when NAVs are confirmed, ensuring that liquidity forecasts provide the most up to date estimates.
PFS-PAXUS allows users to record all of the necessary information relating to shareholders, brokers, intermediaries and related parties, including an extensive list of shareholder contact and identification details alongside all of the necessary regulatory and tax classification information. All records within PFS-PAXUS can be ring-fenced to ensure that only users with approved access can see or edit the relevant information. Records can be stored in encrypted format to meet specific jurisdictional requirements where necessary.
PFS-PAXUS enables users to create series groups and create a new series of shares based upon an existing series of shares. At the end of the incentive fee calculation period, the series can be consolidated or ‘rolled up’ automatically into the lead series within the fund class (or any other profitable series as the fund particulars dictate).
Acknowledgement letters, Contract notes, NAV statements, Transaction statements and many other types of investor communications can be generated within PFS-PAXUS ready for issue by post, to be sent by email or sent from a facsimile server. Copies can be sent to an unlimited number of related third parties as required. The Statement Builder functionality included in the application allows users to design their own statement formats and link the designs to individual funds. A language translation feature provides additional multi-lingual support.
PFS-PAXUS fully supports the calculation and collection of incentive / performance fees via the industry standard methodologies, including series of shares method and the equalisation method to ensure that incentive fees are equitably accounted for and reported accordingly.
DOCUMENT & IMAGE LINKING
Documents and images stored on the network can be linked to certain PFS-PAXUS system tables, the practical application of which can achieve multiple operational efficiencies. For example this functionality would allow the image of an authorised signatory list to be linked to a number of different investors, with the image link accessible via each investor record thus simplifying the signature verification process.
PFS-PAXUS supports the collection, monitoring and reporting obligations of statutory Anti-Money Laundering requirements, enabling users to define and maintain AML checklists depending on the fund, category, jurisdiction and/or location of the individual investor. Outstanding or outdated documentation can be easily identified and followed up with by utilising existing PFS-PAXUS reports and investor communication templates. The features of the AML module are intuitively integrated within the core Share Registry module so that users can be warned or stopped from undertaking certain actions where necessary, allowing internal policies and procedures to be incorporated and safe guarded within the system itself. Expired or outstanding AML related documentation can be automatically requested and chased up. With regards to the ongoing and timely monitoring of all counterparty information against World-Check, PFS-PAXUS is able to interface with third party software to actively facilitate this important process. PFS-PAXUS system administrators can implement, monitor, report and change all AML related controls where necessary, demonstrating compliance and evidencing active follow up where needed.
Shareholder transactions can be manually input, entered by the investor directly via PFS-CONNECT, uploaded via a trade file or via interface.
An interface with the Calastone network permits PFS-PAXUS to process share registry transactions received through the Calastone global transaction network.
PFS-PAXUS contains detailed and comprehensive functionality to manage regulatory global and local reporting responsibilities, including FATCA, FINRA’s Private Fund Reporting Depository for Hedge Funds, Annex IV, Form PF, CRS (Common Reporting Standards). A number of regional regulatory and tax reports exist for various jurisdictions including Luxembourg, Australia, Canada, USA and UK. More details are available on request.
INTEGRATED OPERATIONAL WORKFLOWS
PFS-PAXUS allows users to record all of the necessary information relating to shareholders, brokers, intermediaries and a workflow module tracks user-defined workflow checks against each share registry transaction and controls system actions according to fund level preferences. Automated chaser letters can be generated to follow up with investors for missing documentation.
A full list of generic reports and a sample report pack can be provided upon request at email@example.com
PFS-PAXUS supports the entire private equity fund lifecycle, from initial commitment through to final distribution. All accounting processes are integrated within a PFS-PAXUS general ledger for financial reporting and accounting audit trail.
PFS-PAXUS calculates all partner economic allocations, including re-allocation of management and incentive fees to the General Partner, and calculates management fees for multiple classes of investors.
A functionally rich Shareholder Registry module supports the complex partner and commitment structures that exist, and automatically generates all limited partner correspondence, including capital call letters and statements, to each limited partner as required.
- Versatile set-up of commitments at each stage of the fund launch.
- Automated capital calls and capital contributions together with automated investor correspondence.
- Tracking and reporting of commitments against capital activities.
- Investor IRR performance reporting over multiple time buckets.
- Financial reporting at entity and partner levels.
- Look-through financial reporting and consolidation across multiple entities and investment vehicles.
- Automatic allocation of P/L between general and limited partners as required. Profit and loss can be allocated upon committed capital, net assets or gross assets per partner.
- Calculation of partner economic allocations, including re-allocation of management and carried interests to the General Partner.
- ILPA reporting standards for Capital Calls and Distributions, Capital Account statements and Schedule of Investments.
- Automated calculation and allocation of fund accruals and management fees with built in industry standard fee types, for multiple classes of investors.
- Advanced performance fee methodologies, including preferred returns and carried interest.
- Investment attribution reports with benchmarking and exposure reporting.
- Deal level allocation model, linking deals to individuals partners or capital calls.
- Partnership distributions and the ability to import waterfall calculations from excel for distribution to investors with automated investor correspondence.
- Generation of all partner communications and automatic correspondence distribution via email, fax and/or post (as per the partner preference).
- Standardised reports designed to assist with the preparation of Partner K1 returns.
- Flexible Drawdown and Distribution transaction processing.
- Receipting of drawdown cash and commitment cash management.
- Capital transaction workflow tools to incorporate best practise procedures and internal policies.
- When paired with the PFS-CONNECT web portal the investor commitments, capital activity and IRR’s are available online, together with the Private Equity reporting.
- Comprehensive suite of reports available as standard. With an open architecture design, PFS-PAXUS dynamically enables users to extract client data from the system via bespoke scripts and extracts in order to produce unlimited user defined reports and dynamic queries.
Please contact us for further information regarding the Private Equity specific functionality within PFS-PAXUS at firstname.lastname@example.org