Service 03 — Reconciliation & Controls
A control environment
that stays in order.
Holdings reconciled, cash confirmed, transactions accounted for — each month, without accumulation. A fund's control environment is only as reliable as the regularity with which it's maintained.
What This Delivers
Reconciliation done monthly, not just at year-end
Many funds reconcile thoroughly once a year — around audit time — and manage with lighter-touch processes in between. That approach works, until something drifts and the drift compounds. Monthly reconciliation keeps discrepancies small and addressable, rather than significant and disruptive when they eventually surface.
Nothing drifts quietly
Positions and cash confirmed monthly against external records. Discrepancies caught early, while they're still manageable.
Calm reporting on exceptions
Any items needing attention are reported plainly with supporting detail — no alarm, just clear information on what needs follow-through.
Audit seasons simplified
When external auditors arrive, the groundwork is already done. Twelve months of documented reconciliation, ready to support review.
The Challenge
Reconciliation gaps tend to appear at the worst possible time
A single unreconciled transaction is straightforward to resolve. Six months of unreconciled transactions, discovered during an audit or a regulatory review, is a considerably different matter — both in the effort required to unwind and in the questions it raises about the quality of controls in place.
The challenge for many funds isn't a lack of intention to reconcile thoroughly — it's the operational reality that other priorities consistently take precedence. A regular, outsourced reconciliation process removes that dependency on internal bandwidth and keeps the control environment well-maintained regardless of what else is happening.
Where controls commonly slip
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Holdings not reconciled against custodian records between reporting periods
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Cash balances confirmed only at year-end, leaving intra-year discrepancies undetected
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Transaction records incomplete or inconsistently maintained across the period
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Open reconciling items carried forward without resolution or clear documentation
Our Approach
Monthly reconciliation, methodically maintained
We work through holdings, cash, and transactions each month — comparing against custodian and counterparty records, documenting what matches, and reporting clearly on what doesn't.
Holdings reconciliation
Each month, fund holdings are reconciled against custodian records. Positions confirmed, discrepancies identified, and any differences documented with supporting detail before being followed through.
Cash reconciliation
Cash balances confirmed against bank and custodian statements. Timing differences identified and explained, and any unresolved items flagged promptly — not carried forward without attention.
Transaction matching
Transactions recorded in the fund's books matched against external confirmations. Unmatched items reported clearly, with a summary of status and action required where relevant.
Exception reporting
A monthly exceptions report summarises items needing attention — their nature, status, and any recommended follow-up. Presented plainly, without unnecessary complexity, for straightforward review.
Working Together
A monthly process that runs in the background
Once the data flows and scope are agreed, the monthly reconciliation cycle runs without requiring significant involvement from your side. You receive a clear report; we handle the legwork.
Scoping and data review
We review the fund's custodian arrangements, transaction types, and data sources. The scope of reconciliation is agreed in writing before engagement begins.
Data feed setup
We establish how we receive custodian data, bank statements, and transaction records each month. The process is kept as straightforward as the fund's infrastructure allows.
Monthly reconciliation cycle
Holdings, cash, and transactions reconciled each month. An exceptions report is prepared and delivered, with any items requiring follow-up clearly identified and described.
Audit support and continuity
At year-end, twelve months of documented reconciliation workpapers are available to support external audit. Historical items and their resolution are traceable without reconstruction.
Investment
A fixed monthly fee for ongoing reconciliation
Reconciliation and controls support is priced as a monthly retainer — consistent work, consistently priced. You know what the arrangement costs before each month begins, and the scope doesn't change without discussion.
For funds with a larger number of custodian accounts or more complex transaction flows, we review scope before quoting. The standard fee covers the majority of fund structures without adjustment.
Monthly retainer
USD 880
per month, billed on a regular schedule
What's included
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Monthly holdings reconciliation against custodian records
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Cash balance reconciliation against bank and custodian statements
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Transaction matching and unmatched item reporting
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Monthly exceptions report with plain-language commentary
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Reconciliation workpaper archive maintained for audit support
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Follow-up on prior-month open items each cycle
Methodology
How the control environment stays well-maintained
Effective reconciliation is disciplined and regular, not occasional and intensive. The process below keeps things in order month to month.
Side-by-side comparison
Fund records compared directly against external sources. No reliance on internally generated confirmations.
Item-level tracking
Each reconciling item tracked individually with status and expected resolution. Nothing lumped together or left without a note.
Monthly cadence
Reconciliation completed and reported each month without exception. The cycle doesn't slip because other work is busy.
Audit-ready archive
Full year of workpapers retained and organised. External audit supported without significant additional preparation.
Our Commitment
An arrangement built on clarity from the start
Before the first month begins, we agree in writing exactly what will be reconciled, what the reporting format will look like, and how data will be exchanged. There's no ambiguity about what the service includes.
We begin with a no-obligation scoping conversation. If the structure of your fund doesn't fit our standard service well, we'll let you know honestly rather than proceed with an arrangement that won't serve you properly.
No-obligation scoping conversation
Written scope confirmed before first month
Clear reporting format agreed in advance
Getting Started
Getting the reconciliation process in order
Whether you're establishing reconciliation processes for a new fund or looking to bring more structure to an existing one, the starting point is the same — a short conversation about what you have and what you need.
Get in touch
Use the contact form on our homepage. A brief description of your fund's structure and current reconciliation arrangements is enough to get started.
Scoping call
We discuss your custodian arrangements, transaction volumes, data formats, and what's currently reconciled and what isn't. A clear picture of the scope takes shape.
Written proposal
Scope, fee, and reporting format confirmed in writing. You review and let us know if you'd like to proceed — no pressure, no deadline.
Data setup and first cycle
We set up data flows, confirm the reporting template, and run the first reconciliation cycle. From the second month onwards, the process runs to its regular schedule without further setup required.
Reconciliation & Controls
Ready to keep your control environment in steady order?
A brief conversation is all it takes to understand whether this service fits your fund's situation. No obligation at this stage — just an honest discussion about what monthly reconciliation involves for your structure.
Start a ConversationOther Services
Explore the rest of what we offer
Each service is available on its own, or combined as part of a broader administration arrangement.
Service 01
Net Asset Value Calculation
Careful periodic NAV calculation with component-level documentation. Consistent, traceable, and audit-ready every period.
Service 02
Investor Reporting & Statements
Clear, well-presented statements for investors — positions and movements explained in plain language alongside the figures.