Comprehensive Fund Administration Services

At Morese Law Firm, we offer a wide range of fund administration services, from accounting and reporting to the calculation of net asset value (NAV).

calculatingThese services are often entrusted to a qualified specialist, such as Morese Law Firm.

Our Fund Administration Services Include:

• Corporate Secretariat Services and Board Support: Providing comprehensive secretarial services and support for the fund's board.
• Full Administration and Support Services: Covering everything from acquisitions to the disposal of holdings.
• Maintenance and Filing of Financial Books and Records: Acting as the fund's accountant, including reconciliation of holdings with custody and broker records where applicable.
• Expense Management: Handling the payment and management of the fund's expenses.
• Net Asset Value Calculation: Calculating NAV, including the fund’s income, expenses, and pricing of securities at current market value.
• Quarterly and Annual Reporting: Preparing shareholder reports on a quarterly and annual basis.
• Settlement of Daily Securities Transactions: Where applicable, ensuring the settlement of daily purchases and sales of securities, and collection of dividends and interest.
• Document Preparation and Filing: Preparing and filing other relevant documents and reports.
• Ongoing Fund Compliance: Ensuring continuous compliance with fund obligations.
• Performance Metrics Calculation: Calculating total returns and other fund performance measures.

Our Fund Services Are Available Through Our Offices In:

• Guernsey
• Isle of Man
• Malta
• Portugal
• Cyprus
• Luxembourg
• United Kingdom

Advantages of Investment Funds

Investment funds can offer a broader range of investment opportunities and potentially lower investment fees than individual investors might achieve on their own.
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Funds have gained popularity for meeting increasing demands for regulation, transparency, and accountability, often providing an alternative to more traditional vehicles.

Private Investment Funds

The needs of modern families and family offices have evolved, making Private Investment Funds (PIFs) and Exempt Private Fund Structures particularly relevant and attractive to High Net Worth Individuals (HNWIs) and family offices.

Using a fund can provide greater legitimate control by the family over decision-making and assets, while ensuring broader family involvement, especially for the next generation.

Junior private equity firms launching their first funds also require a certain level of service and understanding, which is where Morese Law Firm's fund services can assist.

European Funds

Malta benefits from several European Union Directives that allow collective investment schemes to operate freely across the EU based on a single authorization from one member state.

The characteristics of these regulated EU funds include:

• A framework for cross-border mergers between all types of EU regulated funds, recognized by each member state.
• Cross-border master-feeder structures.
• A management company passport, allowing an EU regulated fund established in one member state to be managed by a management company in another member state.

Guernsey Funds

Funds are increasingly used in private wealth management, offering family offices and HNWIs a tax-efficient option alongside other wealth structuring vehicles.

Guernsey has seen vibrant fund activity in recent decades, reflected in several new fund initiatives.

The focus on the PIF regime is enhanced by three paths to establish a Guernsey PIF:

• Route 1 – POI Licensed Manager PIF: The original PIF model requiring a Guernsey-resident POI Licensed Manager and criteria such as fewer than 50 investors.
• Route 2 – Qualifying Private Investor (QPI) PIF: A new path not requiring a GFSC Licensed Manager, aimed at QPIs who can assess risks and bear investment consequences.
• Route 3 – Family Relationship PIF: Another new path not requiring a GFSC Licensed Manager, allowing the creation of a bespoke private wealth structure as a fund for investors sharing a family relationship or being a "qualifying employee" of the family and meeting QPI criteria.

Isle of Man Funds

Funds in the Isle of Man are well-regulated and respected. Exempt Funds on the Isle of Man must meet certain regulatory requirements, but "Officials" (like managers and/or administrators) have significant flexibility to achieve the fund's purpose.

As an Official, Morese Law Firm can assist professional service providers in establishing exempt funds domiciled in the Isle of Man. Key criteria include:

• No more than 49 participants.
• No public promotion of the fund.

The scheme must be a Unit Trust, an OEIC, a Limited Partnership, or another prescribed scheme.

• There are no restrictions on asset classes, trading strategy, or leverage for an Isle of Man Exempt Fund, providing extensive freedom to meet clients' objectives.

Malta Funds

Malta's EU membership provides several advantages, including access to EU directives allowing collective investment schemes to operate freely across the EU with a single member state authorization.

Malta offers four types of funds:

• UCITS Retail Funds
• Professional Investor Funds (PIFs)
• Alternative Investment Funds (AIFs)

Notified Alternative Investment Funds (NAIFs)

• Our Malta office holds a fund license and offers comprehensive services including fund administration, accounting, shareholder reporting, corporate secretarial services, shareholder services, and valuations. Malta's favorable tax regime, comprehensive double taxation treaty network, and English as the official business language facilitate fund administration.
  Tax benefits for funds in Malta include no stamp duty on share issuance or transfer, no net asset value tax, and no withholding tax on dividends to non-residents.

Portugal Funds

Morese Law Firm collaborates with STAG Fund Management, experts in venture capital funds in Portugal. STAG, based in Lisbon, focuses on private equity investments in Portuguese companies.
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The funds managed by STAG offer significant growth potential and societal impact. STAG's professional team brings over 30 years of combined experience in private equity, corporate restructuring, and corporate finance, aiming to optimize projects and ensure they reach their full potential.

STAG Fund Management is registered with and supervised by the Portuguese Securities Market Commission (CMVM). If you would like more information or to discuss your specific, don't hesitate to contact us.
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Based in Lisbon, STAGOur team of experts is ready to assist you in achieving your fund management goals.