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Valuation and Accounting Services

  • Multiple structures supported, including: pooled structures, multi-manager structures, master-feeder
  • Multi-share classes, share class hedging
  • Multi-currency, Multi-GAAP
  • Reconciliation of cash and securities
  • NAV-File manager: electronic archiving and full availability of all accounting documents and data used in NAVs
  • Performance fee calculation, including complex fee computations
  • NAV validation by the management company
  • Collateral accounting and collateral controlling
  • Audited annual reports (and semi-annual reports) for UCITS, AIFs and other funds
  • Reporting to national supervisory authorities

Price monitoring services

As part of its price quality controls, EFA provides a report with key information on prices used in the NAV and allows to control the representativeness of prices, the independence of the price source as well as to detect stale prices.

EFA also applies and provides an inventory of all specific pricing instructions requested and received from the governing bodies of the fund in relation with any pricing anomalies escalated.

EFA also provides its clients with the description of the pricing policy applied to select a price as agreed with the management company or the AIFM.
 

Complex pricing for OTC and illiquid instruments

The increasing regulatory requirements combined with the ever evolving complexity of financial instruments lead fund governing bodies to ensure a constant use of fair valuation principles in their fund portfolios.

EFA’s complex valuation services aim at providing fair valuation and independent pricing solutions to its clients for OTC, illiquid and non-independently priced financial instruments. Our solution is specifically designed to provide funds governing bodies with fair valuation and independent pricing in line with regulatory guidelines.

EFA’s team of experienced quantitative analysts offers two levels of services, each based on validated and documented pricing models, relying on full transparency in the provision of results, calculation methods and market data.

Fair Value Challenging: EFA challenges prices received from non independent pricing providers or any other sources, at any required frequency.

Fair Value Calculation: EFA calculates fair prices for official portfolio valuations.

Fund and investor tax services

Fund and investor tax services are designed to support investment funds in the distribution of their shares/units to an international investor base. EFA performs the calculation and publication of all relevant tax reports and figures, as required by the different tax authorities of countries into which the fund is distributed. The reported tax figures will allow the end investor to report tax in compliance with the requirements of its country of tax residence.

The calculation of relevant tax figures encompasses international tax regimes or local tax requirements, when applicable to investment vehicles.
 

VAT services

Luxembourg investment vehicles are subject to VAT declarations to the Luxembourg VAT office. The service provided allows the funds to be Luxembourg VAT compliant.
 

  • Provision of a detailed invoice data file
  • Preparation of VAT return forms