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Financial

Services
Board

Hedge Funds
structures

1
CURRENT CIS STRUCTURE
TRUSTEE PROVIDES
PTY (LTD) CIS MANAGER FIDUCIARY
LTD OVERSIGHT

-------- - -------- -
CAT II

ASSET MANAGER/
INVESTMENT
MANAGER

SCHEME/DEED
FUND ADMIN
(PRICING)
- ASSET REGISTER

IFUND ADMIN
(LIABILITY) PORTFOLIO PORTFOLIO
CLIENT REGISTER

INVESTORS

2
Current CIS Structure cont.

 CISCA allows the CIS Manager to perform administration functions


alternatively functions can be outsourced

 No requirement for the appointment of an independent fund


administrator but the trustee is required to provide daily oversight
of all pricing and valuations.

 CIS Managers can also use administrators within their groups


subject to regular external verification of their valuations which will
be done by the trustees.

 The administration function could also be outsourced to an 3


external administrator authorised agents.
Distinction between a CIS Manager and
FAIS Category II Manager
CIS Manager Category II Manager

• Registered and regulated in • Registered and regulated in


terms of CISCA terms of FAIS Act

• Lodge an application to register • Will be appointed as the asset /


a CIS investment manager of a CIS

• Appoint different authorised • If register as a CIS manager, and


agents on behalf of the scheme solely manages its own CIS
funds, Cat II licence is not
• FAIS Act does not apply necessary

4
Hedge Funds adopting CIS structure
TRUSTEE PROVIDES
PTY (LTD) CIS MANAGER FIDUCIARY
LTD OVERSIGHT

CAT IIA -------- - ------------ -


ASSET MANAGER/
INVESTMENT
MANAGER QIHF
CIS IN RIHF
SECURITIES
EXTERNAL FUND
ADMIN SCHEME/DEED SCHEME SCHEME
(PRICING)
- ASSET REGISTER

EXTERNAL FUND
ADMIN (LIABILITY)
CLIENT REGISTER
PORTFOLIO PORTFOLIO PORTFOLIO

PRIME BROKER

INVESTORS INVESTORS INVESTORS

NOMINEE
COMPANY
5
RIHF Partnership (en commandite)
Structure
GENERAL PARTNER TO BE TRUSTEE PROVIDES
PTY (LTD) REGISTERED AS CIS FIDUCIARY
LTD MANAGER OVERSIGHT

CAT IIA -------- - ----- --


ASSET MANAGER/
INVESTMENT
MANAGER

EXTERNAL FUND
ADMINISTRATOR RIHF SCHEME

PRIME BROKER
INVESTORS/ GENERAL
PARTNER COULD
ALSO BE AN
INVESTOR

NOMINEE
COMPANY

6
Qualified Investor Hedge Fund (QIHF):
Partnership (en commondite) Structure
 The General Partner will register as a CIS manager

 Governing body with majority independent directors


responsible for exercising fiduciary oversight functions of the
registered CIS manager.

 CIS Manager has an option to appoint an independent


administrator to provide daily oversight or where CIS
Managers uses administrator within their group must appoint
a trustee.

 Must appoint an independent custodian when using an


independent administrator.
7
Qualified Investor Hedge Fund (QIHF):
Partnership (en commandite) Structure
BOARD OF DIRECTORS (GOVERNING BODY)
PROVIDES FIDUCIARY OVERSIGHT

GENERAL PARTNER TO BE REGISTERED


PTY (LTD) AS A CIS MANAGER
LTD
CAT IIA

ASSET MANAGER/
INVESTMENT
MANAGER

INDEPENDENT FUND
QIHF SCHEME ADMINISTRATOR

PRIME BROKER

INDEPENDENT
INVESTORS CUSTODIAN
MAY INCLUDE
GENERAL
PARTNER
NOMINEE
COMPANY 8
Qualified Investor Hedge Fund (QIHF)
Bewind Trust
TRUST REGISTERED AS A CIS TRUSTEE REGISTERED AS A
MANAGER CIS MANAGER

TRUST WILL BE REGISTERED AS A SCHEME


INDEPENDENT
ADMINISTRATOR
INDEPENDENT
CUSTODIAN T1 T2 T3 T4
PTY (LTD)

ASSET MANAGER II A

BENEFICIARY INVESTORS

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