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UCITS Fund Platform Provision

Once your fund is established, GemCap is ultimately responsible to the Central Bank of Ireland.  We’ll ensure it meets all relevant laws and regulations on an ongoing basis through our Irish Management Company which provides services under 6 core management functions:

Investment Management​

The Board has put in place appropriate policies and procedures to ensure that the investment policies, investment strategies and performance of the Fund are monitored and complied with and to ensure availability of up-to-date information on portfolio performance. The Board will ensure the availability of up-to-date information regarding portfolio performance of each Fund through the Investment Manager’s monthly investment management reports.

On a monthly basis the Designated Person will receive from the Investment Manager a report confirming that:

  • the investment policy, including the asset allocation and the investment tools required to implement the investment policy, have been properly implemented or employed during the period, and if any changes are proposed that require Board approval.
  • the investment process employed in managing each Fund continues to be adequate to ensure that investment decisions are consistent with the approved investment objectives, strategies and risk limits for each Fund.
  • the continued operation as normal of the investment process for each Fund, which includes both pre-trade and post-trade consideration of each investment in relation to its contribution to the respective Fund’s portfolio composition, liquidity and risk and reward profile.

Regulatory Compliance​

The Compliance Officer, as the Designated Person for Monitoring Compliance, constitutes GemCap’s compliance function (the “Compliance Function”) and will be responsible for monitoring compliance and evaluating the adequacy and effectiveness of the measure, policies and procedures put in place to comply with all applicable legal and regulatory requirements for GemCap and advising the Board on any additions or changes to GemCap’s compliance procedures that may be required to ensure compliance by GemCap with its legal and regulatory obligations at all times.

The Compliance Function has the necessary authority, expertise and access to resources and necessary information including access, at all times, to the subscription and redemption documentation of the Funds. The Compliance Function operates independently from the day-to-day management of GemCap and has a direct reporting line to the Board.

The Head of Compliance monitors on a regular basis the adequacy and effectiveness of the measures, policies and procedures that have been put in place and will ensure that any actions required to address any deficiencies are identified to the Board, and once approved for implementation, monitored for effectiveness.  He will also advise the Board, the Designated Persons and other delegates as appropriate and assist in ensuring they comply with the applicable regulatory requirements.

The role of the Designated Person is to:

  • act as Head of Compliance of GemCap and to monitor on behalf of the Board compliance with all legal and regulatory requirements in relation to each aspect of the Company’s and the Fund’s operations.
  • monitor each service provider to confirm that all delegates are in compliance with the Regulations in relation to the respective functions. Each service provider has day-to-day responsibility for ensuring it carries out the functions delegated to it in compliance with the Regulations and the Prospectus
  • maintains a log of investment breaches, pricing errors, complaints and compensation payments which is available for inspection by the Central Bank.

Fund Risk Management

GemCap’s permanent risk management function is represented by the Designated Person who is independent of the portfolio management functions. Key obligations are to:

  • ensure compliance with the UCITS risk limit system, including statutory limits concerning global exposure and counterparty risk
  • provides advice to the Board as regards the identification of the risk profile of GemCap and the Funds.
  • provide regular reports to the Board on:
    • the consistency between the current levels of risk incurred by the Funds and the risk profile agreed for the Funds.
    • the compliance of the Funds with relevant risk limit systems.
    • the adequacy and effectiveness of the risk management process, indicating whether appropriate remedial measures have been taken in the event of any deficiencies.
  • provides regular reports to the Board outlining the current level of risk incurred by the Funds and any actual or foreseeable breaches to their limits, so as to ensure that prompt and appropriate action can be taken.


The role of the Designated Person is to oversee implementation of the Fund Risk Management policy and the procedures to ensure that the risks associated with the investment funds that GemCap manages can be properly identified, measured, managed and monitored at all times through the periodic reports received from the service providers. 

Distribution

The Board has established a distribution strategy for each Fund, which is updated as new Funds are launched. The roles of the Board in the distribution strategy of the relevant Fund are as follows:

  • Responsibility for undertaking the tasks associated with distribution and any proposed delegation.
  • Setting the marketing strategy and approach.
  • Determining target markets and channels, including the competitive landscape.
  • Identifying the jurisdictions into which distribution is proposed, whether immediately or in due course.
  • Establishing the control framework for compliance with local legal, regulatory, tax or other compliance requirements.
  • Creating the control framework for marketing in a manner consistent with the terms of the Prospectus.

GemCap acts as Global Distributor and appoints the sub-distributors for each fund who are responsible for the day-to-day activities of marketing the Funds.  The Designated Person produces a monthly report on relevant matters, including as appropriate:

  • Patterns of distribution, current progress and development and marketing resources.
  • Net flows into and out of the Funds and expected pipeline.
  • New marketing developments and initiatives.
  • Information on local legal, regulatory, tax or other compliance issues.

Click here for more on Distribution

Operational Risk Management

Taking into account the nature, scale and complexity of GemCap‘s activities, the Board has put in place procedures designed to ensure that all applicable operational risks pertaining to GemCap can be identified, monitored and managed at all times. The procedures are set out in a documented risk management policy, which also includes procedures for the identification of risks, the processes for reviewing these risks, the responsibility for monitoring them and the means of doing so.

Operational risks are defined as industry specific risks that arise from carrying out the responsibilities and duties of the Funds. Operational risks include the risk resulting from an inadequate or failed internal process, people and systems and includes legal and documentation risk, IT incidents, fraud, complaints, risk relating to outsourcing, reputational risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the Funds.

The role of the Designated Person is to identify, manage and monitor at all times all applicable operational risks of GemCap on behalf of the Board and based on the reporting received by GemCap’s permanent risk management function, to identify risk issues to the Board that require the Board’s attention to ensure their proper management of GemCap.

The Designated Person will:

  • co-ordinate the implementation of the operational risk management policies of the Board on the Board’s behalf.
  • monitor the adequacy and effectiveness of the operational risk process, and any steps taken to address any deficiencies.

Capital and Financial Management

GemCap has put in place procedures to ensure all relevant accounting records of GemCap and the Funds are properly maintained and are readily available, including the production and filing of annual and half-yearly financial statements, within the relevant timeframes, and that such records are adequate for the purposes of financial control and management information. The Board will ensure that appropriate accounting policies and procedures are implemented and maintained.

The role of the Designated Person is to monitor the:

  • production of the financial statements on behalf of GemCap and each of the Funds;
  • finances of GemCap and the Funds and, in accordance with any mandate that may be agreed from time to time by the Board, arrange approval on behalf of the Board of the payment of any fees and expenses relating to GemCap and the Funds submitted by the Administrator.
  • GemCap‘s capital levels on a continuous basis and ensure that the Board is in a position to manage GemCap’s compliance with its regulatory capital requirements.

Distribution Support

We help you:

  • Review fund feasibility, advise on the optimal structure and shape fund design

  • Assess demand and shape distribution strategy
  • Access our global network of third party marketing and distribution businesses

  • Engage with the most appropriate fund platforms

We can also:

  • Provide UK Facilities Agent services via our associate company, GemCap UK Limited, to ensure you comply with the FCA COLL 9.4 obligations by providing a UK address where investors can;

Inspect fund documentation

Source unit prices

Arrange redemptions

Submit complaints

Take care of country registrations

Undertake KIID, EMT and TPT production

Stand-alone UCITS structures

In addition to supporting funds under our own UCITS Umbrella, GemCap Investment Funds (Ireland), we also offer management company services to stand-alone UCITS umbrella structures.

We particularly welcome the opportunity to work with businesses using common service providers, such as Royal Bank of Canada, Dillon Eustace and Deloitte.

+353 1 4003641

info@geminicapital.ie

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Registered office:
1 WML, Windmill Lane, Dublin 2, D02 F206, Ireland.

“Global Systematic Investors have been a GemCap client for over five years. When we wanted to open our first UCITS fund we reviewed several alternatives, but it soon became clear that GemCap’s combination of competitive cost, attentive service model, and location would be hard to beat. As a small business we find GemCap to be both helpful and accommodating. Their experience in UCITS management, particularly on the compliance and legal side, enabled us to set-up and maintain our investment business quickly and efficiently. From the beginning our experience with the team at GemCap has been very positive. Communication is a key element in any business relationship and GemCap have been exceptional communicators. This has been critical when we’ve needed quick responses to client questions. We would recommend any business looking to outsource its UCITS fund administration to an Irish-based provider, contact GemCap.”
Andrew Cain
Partner
Global Systematic Investors
“Atlantic House and GemCap started life at a similar time and it’s been great to grow together. What I’ve particularly enjoyed about working with Stuart and the team is that you always speak to someone who knows what they’re talking about. The amount of wasted time is minimal, and it’s reassuring to work with a team with such depth of relevant experience in an area of the industry that’s constantly changing and can be a minefield. The staff turnover at GemCap has been low, which means we’ve been able to establish long lasting business relationships with individuals built on trust and understanding of one another’s businesses. That can’t be said for every business in our industry. We look forward to continuing to grow with GemCap - onwards and upwards!”
Tom May
Chief Investment Officer
Atlantic House Investments
“Third Avenue first partnered with GemCap in April 2017 to support and administer our UCITS Fund. After evaluating a number of options we determined that Stuart Alexander and his team at GemCap were the best solution. Prior to our transition, Third Avenue had built and maintained its own independent UCITS platform. The opportunity to partner with GemCap on their platform enabled us to reduce costs to Fund shareholders and greatly reduce our management burden. The support provided to our Fund by GemCap has been consistent with the quality of the platform that we maintained independently and provided a significant reduction of expenses. The GemCap relationship has also helped us grow and develop our Fund as they provide a local European presence and market awareness that we don’t have as a US-based manager. They’ve been very supportive regarding Fund marketing and ensured we’re aligned in a timely manner with emerging compliance and regulatory requirements. We look forward to continuing and growing our relationship with the team at GemCap.”
Erik Kleinbeck
Head of Business Development
Third Avenue
After 25 plus years of domestic institutional separate account and commingled fund management in the US, we set our sights on the UK and European markets with no local experience or knowledge. After a comprehensive search, we determined that GemCap would be the best fit for a specialized, smaller firm like Semper to launch out UCTIS product. We’ve been working with Stuart and team since 2017 and they’ve made this very difficult transition manageable for us. GemCap’s knowledge of this complex world of investing, including regulatory, custody, operational and distribution requirements/opportunities has significantly extended Semper’s reach. The result has been a very smooth expansion of our US MBS investment strategy to a universe of global investors.
Tom Mandel
CIO
Semper Capital Management
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