Fund Administration is the set of activities that are carried out in support of the actual process of running a collective investment scheme, whether the scheme is a traditional mutual fund, a hedge fund or Pension fund. In this perspective we are referring to the Pension Fund.
At First Guarantee Pension Limited, we run daily valuation. The process by which these funds are valued is what we refer to as Valuation. Funds under valuation can be classified as unitized funds, and un-unitized funds.
Unitization is a form of investment accounting process that allows pension fund managers to pull together pension funds contributed to a pool by different employers for their respective employees for investment purposes while maintaining its own separate identity for actuarial, accounting and asset allocation purposes. Which is what gives rise to pricing.
With unitization, contributors can easily determine at each point in time the value of what they have, using price as the determining factor.
A fund manager is responsible for implementing a fund’s investing strategy and managing its portfolio trading activities. The fund can be managed by one person, by two people as co-managers, or by a team of three or more people.
As a rule of the thumb, there is an Accounting Guideline approved by the National Pension Contribution which guides the Fund Accounting Processes of all Pension Funds Administrations regarding pension industry in Nigeria.
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