Who advises the adviser?

Group Commercial Director, Ross Youngs, recently collaborated with Charlie Ring, Corporate Partner at Charles Russell Speechlys, on an article for the FT Adviser.

Ross and Charlie explore the intricacies of financial advisory work.

In a recent survey by the Financial Conduct Authority respondents reported a high level of trust and satisfaction with the financial advice they had received. However, the question remains of; who advises the adviser?

While financial advisers have the capability to manage their own finances, the complex nature of financial planning requires individuals to utilise multidisciplinary teams for effective wealth management.

As stated in the article, objectivity is key. “Is ‘I can’ the same as ‘I should’?”

Celebrating International Women’s Day

To celebrate International Women’s Day, women across Belasko’s offices caught up to discuss their current experiences as women in the finance industry.

Our team give some advice on how to break through in the industry as a woman and share stories on the inspiration they’ve found in their colleagues within Belasko.

Watch the full video below.


Letter from Lux: Greg’s move and goals for 2024

In November, Belasko announced the latest group of promotions which included an internal move for Greg McKenzie. Greg, who ran the Guernsey service offerings for the last 3 years, is now Country Head of our Luxembourg office and supporting the growth of our service offerings from central Europe.  

Since making the 390 miles journey from St Peter Port to the centre of Europe, Greg has taken the chance to review his growth ambitions for the jurisdiction, upcoming trends in 2024 and reflection of the journey Belasko has taken in Luxembourg so far.  

The year has continued to surprise many of us. With 2023 aimed at putting covid firmly in the rear view, geopolitical tensions have taken the headline with many expecting more concerns on the horizon following key elections in 2024.  

Whilst 2023 is going down on record as one of the most challenging years to raise private capital, whispers of green shoots are starting to emerge, promising optimism for what 2024 may bring. 

Belasko aims to play a key role in partnering with fund managers to achieve their investment objectives in 2024. Simply put, our client solutions are designed with experienced people utilising smart technology, and stand confident these fundamentals will deliver value and support both established and first time managers achieve their investment objectives.  

Along with the skiing opportunities, I was enticed by Luxembourg after hearing about the team’s client-focused culture and the opportunity to drive growth from the biggest funds market in Europe. Our team put collaboration at the centre of our day-to-day lives and work in an environment where our newest members work shoulder-to-shoulder with business leaders and can have their voices heard.  

I am also pleased to be working closer with Graham Parry-Dew, who has over 30 years’ experience in Luxembourg. Graham has done a fantastic job in growing our European operation to date, including the opening of our new office in Limpertsberg earlier this year. Both Graham and I have a shared enthusiasm and ambition to grow our Luxembourg offering further in 2024.  

If you would like to hear more about Belasko’s service offering from Luxembourg you can contact Greg at: [email protected]  

Neurodiversity in the workplace

Article by Natalie Iacona, Business Operations Analyst at Belasko  

Is your workplace and team prepared to support a new employee with ADHD? Not many are, but I wanted to showcase my experience with Belasko as a case study for other workplaces to gain some insight. 

I have ADHD, or as I like to call it ‘perpetual burnout and occasional chaos’, and certain autistic traits which effects all my five senses. ADHD is a neurodevelopmental disorder which, because of historic underdiagnosis in females, is becoming more prevalently diagnosed in adult women in recent years. 

At its worst, people with ADHD can struggle with maintaining focus, stillness of body and mind. Therefore, ADHD is often linked to insomnia and a delay in the circadian rhythm which can severely affect sleep. Lacking energy exacerbates emotional dysregulation and negative eating habits. These features combine to impair executive functioning, which circle back to less sleep and less energy.    

The typical workplace requires a significant amount of multi-tasking. We must prioritise tasks, handle back-to-back meetings, make time for self-development, and utilise a multitude of media to get the job done. To suffer from ADHD means to fight impulsivity to stay on track which can be very draining. ADHD burnout is very difficult to prevent, with those various elements of working life being perpetually overwhelming. Furthermore, every person that suffers from ADHD is different so the chances of people understanding this very personal challenge is slim.  

It is important to stop this negative spiral, and to do so you must first recognise that ADHD in the workplace requires the right level of support, and it starts with honesty! 

Now whilst I don’t claim to have it completely under control, like everyone, I have good and bad days. One reason I can now have more good working days is down to the support I’ve received from the Belasko team since sharing my diagnosis with them.  

It’s not an easy journey to be honest with your employer, but it’s crucial. The main reason for this is the lack of education around ADHD and how it affects people. ADHD is hugely stigmatised and often downplayed. Commonly it is thought to be nothing more than a person lacking the ability to focus and who demonstrates hyperactive behaviours.  As you can see from the above, It’s far more than that.   

ADHD affects almost every one of the body’s functions in some form. The effects of an up to 30% developmental delay in executive functioning skills and emotional regulation are the main causes of difficulty for a lot of people with ADHD.  

For me, there was a huge fear of admitting the things I struggle with as they are often associated with laziness and are considered society’s defining adult life skills, for example being on time and remembering to eat. Equally, ADHD is not related to intelligence or capability to do one’s job well, so the fear is that people will think that because you can’t do ‘easy’ things, you can’t be trusted to do much else, the fear of being overlooked for development and progression opportunities is huge.  

Here are some basic steps of how the team has helped me. 

Open communication  

It’s clear to me that Belasko welcomes diversity in all its forms, Neurodiversity is just one example. Open communication has enabled me to be in a happy, healthy environment. Only by taking the risk in sharing my situation have the rest of the team been able to gain my trust and foster the mutual respect I experience daily.  

Since joining in October 2020, the entire team has been incredibly responsive and understanding of any changes we have made. For some, including myself, asking for equipment, changing my way of working or needing tasks delivered in a certain way can seem daunting. The ability to have an open conversation about how processes work or ways of working is incredibly liberating. 

It’s one thing to have the conversation, but it’s also the way in which my questions and requests are received. It’s never responded to with a sigh or groan but rather an understanding ear and immediate action.  

One example of this is an adjustment to my email signature in the form of a communication notice so anyone I am in contact with can know how to best support me. Boundaries have been established and there is no expectation on others to retain this information as they too are very busy! It reads: 

📣 Communication Note: Hey there! Quick reminder about my preferred communication style as a person with ADHD. To help me stay focused and efficient, please send requests and feedback in writing whenever possible. If we need to meet, let’s use my calendar and include a clear subject, agenda, and specific ask. Your support and understanding is much appreciated! 


With my ADHD and sensory challenges, it can be incredibly difficult to complete simple tasks in my day-to-day life, let alone putting on my best face for the 9-5. These bad days don’t follow any schedule or calendar invite and the Belasko team is completely flexible with this.  

Belasko has enabled me to work flexible hours, blocking out ‘focus time’ and ‘available for meeting time’ in my calendar, and including a note in my email sign off to indicate my preferred communications styles. There is a clear mutual understanding of how the business, and I can best work together, creating an incredibly rewarding and productive team environment.  


More support systems are being released daily and whilst many of these are paid, I’ve realised that having an employer who cares means we can overcome the costs. The business has helped me access funding through Access to Work for 12 weeks of one-to-one ADHD coaching, provide disability training in the workplace, noise cancelling headphones, dictation and mind mapping software and another software to record meetings and training with high quality audio and transcription.  

This type of investment not only allows me to perform at my best, but also reassures me that there is actual care behind what you hear or see online. It’s easy to say ‘we take care of our team’ or ‘great working benefits’, but these are the type of benefits that make a positive difference every day.   

I very am proud to work for a company, with people, who treat me equally and without judgement. I have found comfort in authenticity and have been able to positively contribute to my team and business in turn developing my skills and confidence. 

Businesses wishing to support Neurodiversity in the workplace can follow my checklist below, I hope you find it helpful!   

My checklist for in the UK to support Neurodiversity in the workplace:  

  • Learning about the Access to Work application processes & signposting employees here: Access to Work: get support if you have a disability or health condition: What Access to Work is – GOV.UK (www.gov.uk) 
  • Ensure Managers have adequate training to understand the validity of neurodivergent communication styles and needs – train everyone to respect everyone; preferred modes of communication, needs and boundaries, not just those assumed by the majority.  
  • Offer Occupational Therapist assessments as standard if someone discloses a health condition or seems to be struggling – this could be a hugely beneficial tool to bridge the communication & knowledge gaps between you and your employee.  
  • Focus on output – support the process and celebrate the output!  
  • Note the difference and overlap between Hybrid working & Flexible working policies; offer mutually agreeable solutions accordingly. Some will absolutely do more, and better, in less time if they’re enabled & encouraged to work with respect to their energy levels, whereas another may only thrive where they can rely upon a very dependable routine.  


Paul Lawrence, Group Managing Director, said: ‘Natalie’s honesty and transparency about her diagnoses goes to the heart of Belasko’s values and it is only through her bravery that we have been able to positively respond. The benefit for us is that we have a caring individual who helps to bring the whole team together and is a cultural carrier for the business. We’ve been delighted to support Natalie in producing this blog, something that is a personal passion for her, and hope that it might help others to take on personal challenges of a similar nature in the workplace.’  

Considering Guernsey for your next private capital fund?

There are a number of considerations before deciding where to domicile your private closed-ended fund. Regulations, reputation, experience, geopolitical environment and tax status to name a few.

Nick McHardy, Group Head of Funds for Belasko has written a reference guide that details the key features and regulatory options when considering whether Guernsey is the right domicile for you. You can also contact Nick here: [email protected]

How is ESG impacting everything, everywhere and everyone

I would imagine that by now, ESG is close to being a better-known acronym than KYC in financial services. This is ultimately because ESG dominates news headlines on a daily basis and as a consequence, buyers of goods and services now differentiating where they allocate capital – seeking out businesses pushing to make a difference.  

This means ESG or sustainable finance is becoming more than just ‘buzzwords’. Capital inflow into ESG-related funds more than doubled in 2021 compared to the previous year and analysts expect ESG AUM to reach c20% of Global AUM or $33.9trn by 2026 ($18.4trn 2021) according to PwC.   

Ross Youngs, Chief Commercial Officer at Belasko, identifies how to navigate the rising waters, the impact on our clients and the business’ proactive approach to lead the way.  

How are our clients impacted? 

Our fund clients are impacted to varying degrees depending on their size and marketing plans. Many share our proactive approach and have, generally speaking, adopted two different routes depending on the level of regulation required. This includes:  

  1. The Sustainable Finance Disclosure Regulation (SFDR).   
  2. The Principles for Responsible Investing (PRI) : – Where SFDR has not been relevant, our clients have chosen voluntary compliance with the PRI. (The PRI is a set of ESG principles developed by investors to have a positive sustainable impact in the global financial system.) 

Unpacking the SFDR 

There are three levels of regulation applicable to funds marketed in Europe under the SFDR:    

Article 9 covers funds that have a sustainable objective /outcome. They have strict requirements on how they achieve their goals. There has been a great deal of focus on this category of fund and as such, the burden of evidential reporting is very high. This has led to c40% or $175bn of article 9 funds reclassifying to article 8.   

Article 8 is for funds that promote positive environment, social and governance characteristics but do not have those as their overarching objectives.   

Meanwhile, article 6 is for funds that do not integrate any kind of sustainability into their investment.  

These three levels of regulation can be considered stepping stones depending on where the business or fund is on its ESG journey.  

How has ESG impacted Belasko?  

The team and I at Belasko recognise that ESG has several positive impacts when successfully incorporated into business strategy. We are not required by regulation to report on sustainability however, we have chosen to partner with Terra Instinct to create a Responsible Business Policy.   

We have dedicated resources to steward the implementation of our policy which requires a group-wide committee, the definition of sustainable metrics relevant to Belasko, measurement and target setting. This resource also includes an annual report for clients and investors on our sustainable journey.    

I envisage that businesses like ours will soon have mandatory reporting on ESG areas in years to come. We deem it essential to be a leader in this area and will continue taking proactive efforts to stay ahead of the curve.  

How can we help you?  

No matter the complexity of compliance with the PRI or SFDR, there are common challenges with which we can assist.   

  1. The first challenge is defining a policy of responsible investment. The policy must consider the fund’s impact on ESG factors and then set appropriate data points with which to measure and track positive impact according to the goals set.   
  2. Data collection sounds easy, but it is not standardised across markets and countries so the sophistication and resource availability of portfolio companies to stream up the data sets can vary considerably. This is a major hurdle for our clients.  
  3. Regulation and investor demand are evolving at pace. Our clients do not usually have internal resources to dedicate to ESG and therefore rely on Belasko to keep them advised as to what’s next and how to remain compliant.  

Belasko has developed an end-to-end solution in partnership with Terra Instinct to power auditable data collection. It is helpful to have a specialist like Terra Instinct to define policy and collect, validate and where data is not available provide reasonable industry estimates. The benefit of having an advisory expert is of critical importance to ensure data quality, meaning it is auditable and reporting to investors (on which decisions are made) is accurate and reliable.   


It should be clear by now that ESG is not going anywhere and there is a market expectation to consider sustainability in our personal and business lives. We must adopt positive impacting principles going forward.  

If you would like to get ahead of the curve and prepare yourself for the ESG future, get in touch with Ross at [email protected]. 

An alternative route for funds

Today’s investment landscape is a myriad of potholes and craters, persistent inflation, blunt fiscal policy, digitalisation and market volatility all contributing to the bumpy ride. Navigating this landscape is a challenge therefore, timing is critical to a successful capital raising.  

In this article, Greg McKenzie, Managing Director at Belasko in Guernsey, considers fund domiciles and deep dive into Guernsey’s fund establishment offering as a well-trodden path for US Managers seeking an immediate solution in a narrow window of availability to launch their structure.   

What makes Guernsey an attractive domicile for many US managers accessing European capital? 

With more than 50 years of experience servicing a variety of fund structures and strategies, Guernsey has a long-standing reputation as a leading international finance centre and is no stranger to US Managers. As of June 2022, Guernsey’s funds under management equated to $517bn, of which over $60bn was managed by US promoters. But what makes the island different to competitors some may ask? 

  • Guernsey’s regulation is known for being flexible and pragmatic, where a proportionate approach is taken to regulation.  
  • The island is tax-neutral, meaning investors are not impacted by double taxation and benefit from an extensive network of double taxation treaties with other countries, providing additional certainty to investors. 
  • Guernsey has a strong commitment to environmental, social, and governance factors. The island has been a leader in sustainable finance, with a range of initiatives aimed at promoting responsible investment. This includes the Guernsey Green Fund, which was the world’s first regulated green investment fund product. 
  • The island’s funds can leverage the National Private Placement Regime (NPPR), allowing a faster and easier way to access European capital in comparison to a full AIFMD passport. 
  • Guernsey offers a range of both legal structures and investment regulations that can accommodate complex investor requirements.  

PIF – the solution for US managers  

A somewhat recent development is the Guernsey Private Investment Fund (PIF), which offers a lighter-touch regulatory framework suitable for sophisticated investors. 

The PIF was introduced in 2016 and saw some revisions in 2021 – these include increasing the maximum number of investors to 50; and creating 3 routes, which better align with the usage of the vehicle. 

The PIF has seen take-up across numerous asset strategies from institutional to family office-based managers with interest for both first time and established managers looking to establish a fast and effective investment vehicle. There are a number of reasons why a PIF could be a viable solution:  

There are no legal restrictions on structure, so you can use companies (including cell companies), limited partnerships, or unit trusts. 

It is recognised within the EU, and can benefit from the NPPR regime, more broadly there is the ability to evolve in time, potentially to expand the investor base, or to a publicly offered investment product.   

Where all the criteria are met, a PIF can obtain regulatory approval in 24 hours enabling an instant solution for US Managers. 

In summary, Guernsey offers US Managers a range of benefits over other, commonly referenced, domiciles as a jurisdiction for their next investment fund. Its well-established financial services industry, tax-neutral status, flexible regulation, range of fund structures, and commitment to ESG factors make it an attractive option. You can find out more by contacting Greg at: [email protected].  

Women in Tech – Not just a tick-box

As a long-time tech enthusiast, it frustrates me that in 2022 we’re still contemplating the lack of female representation in this field. My data-centric roots demand a statistic here; last year, there were 2.93 million jobs in the tech sector and just 19% of the workforce was made up of women. Statistics linked to applications for study demonstrate a nearly identical split and if you were to review female leadership roles in tech, the numbers plummet to south of 10%.  

Clearly, this is not a falsely perpetuated narrative and there’s little argument over the statistical basis of the issue. An industrywide gap prevails, much to the disadvantage of businesses and suggesting a tech blind spot for women when it comes to choosing their career paths. 

Gone are the days when tech jobs are reserved ‘for the boys’ – so why the continued disparity? I recently spoke at a Just IT UK Women in Tech webinar on just this topic.  Here’s my breakdown of why introducing more women to the field of tech is greater than just a gender tick box exercise, instead providing true value to both businesses and women.  

Three reasons women should explore a career in tech 

  1. Never stand still 

Working in tech instils an ethos of continuous growth and innovation. Most of us hope to have long, successful careers and in fact, the majority will have a work-life spanning nearly four decades. With a career in tech, you’re guaranteed never to stay standing still, always learning as technology develops and holding a seat at the table when it comes to business innovation. 

2. Fantastic career prospects

The number of career opportunities in technology is growing, with up to 15,000 new jobs in the UK anticipated this year. The demand for specialist skills is only going in one direction, a competitive recruitment environment has formed, boasting strong remuneration packages, development opportunities and all in all, highly coveted roles. 

3. Find your perfect fit in tech

A career in tech means something different for everyone. Whether it’s working as a data analyst, solutions architect, software developer or information security officer, roles in tech call upon different skills and personalities – you just have to find your sweet spot. What’s more, skills in tech are applicable across nearly all industries, so the (tech) world really is your oyster. 

Three reasons businesses should hire more women in tech roles 

  1. Improve business performance 

An increasing number of studies indicate that diversity makes for a more profitable business – I should note, this supports the argument for diversity in all areas, not just gender. Having female influence in tech to counterbalance the male view instils greater diversity of thought and improved problem-solving.  

2. Grow the skills base 

Encouraging more women to enter tech fields will improve the supply of skills. After all, women make up half the population – so if we fail to open their eyes to the opportunities of working in tech, then we may be depriving the industry of the crucial resources needed to grow and thrive.  

3. Design balanced products & solutions 

Business solutions should be designed by the people who will be leveraging them. People (or clients) are made up of both men and women, so the female point of view in the design and implementation of tech solutions will help in the delivery of more balanced products across markets.  

Useful Resources:

Women interested in exploring programming 


 Women interesting in pursuing UK internships in tech 


 Tips for businesses looking to encourage female representation in tech 


 Referenced Stats; 

TechNation, UCAS, ComputerWeekly. 

The Future of Family Wealth

Andy Bailey, Head of Fiduciary at Belasko

A recurring theme of WE ARE GUERNSEY’s 2022 Private Wealth Forum was that Guernsey is a safe harbour for private wealth. It’s a stable jurisdiction with a stable government and legal system, and first-class financial services.  

With ongoing economic, social and political tensions, the island is a calm port in a storm. With so much uncertainty, Guernsey can bring a high degree of comfort and security to international families looking for a service provider in a stable jurisdiction that can look after their best interests.  

This sentiment is reflected in the enquiries that we’re getting at Belasko. We have clients who have structures in Caribbean jurisdictions, for example, who are now struggling to bank those structures, so they are looking to migrate those companies into the Channel Islands. They are moving to different administrators in a jurisdiction with a positive profile and global regulatory bodies such as FATF and OECD, which have good links to the banking and investment intermediary market. This point was echoed by the panel at the Private Wealth Forum.   

Another key theme the panel discussed was how families bring the second generation into succession, investment, ESG, philanthropy and family governance discussions. The traditional model of a matriarch or patriarch keeping tight reins on wealth management, distribution and succession is gradually being replaced with a more open approach. 

What we are seeing much more now is that families want to get the next generation involved earlier. Sophie Ward, Head of Charities & Education at HSBC, agreed, explaining that implementing good governance earlier helped to mitigate the risk of disputes.   

I’d agree; disputes often arise when the matriarch or patriarch passes away and the younger family members, all with different viewpoints, visions of wealth solutions and causes close to their hearts, start to get involved in decisions and discussions about how the family’s assets should be maintained and/or distributed.  

We encourage early involvement from the wider family on the vision for the family wealth. When this happens, there is a greater chance of asset transfer through the generations.   

This increasing next-gen involvement also ties into a great ambition amongst high-net-worth families to have a clear purpose for their money. As a result, wealth creators are now looking more closely at what impact they want their money to have in the long term.   

Having a clear vision is very important. Involving the younger family members in formulating that vision is more commonplace, which is another reason we see more involvement in ESG-type initiatives and philanthropy. So, it’s essential to have a flexible structure so that it can be utilised for any of those family ambitions.   

We find that the second and third generations are highly educated; they want to be more involved and make a positive impact on the world.    

Another key trend picked up by the panel at the Private Wealth Forum was technology. We’re already seeing more interest in investments in FinTech initiatives, whether digital assets or the financial technology services market.  

Belasko’s technology solutions are designed to make our clients’ lives easier. We are their eyes and ears; we’re there to help them take the friction and stress out of their life by being a point of reference for them.  

Our clients know that we’ve got the day-to-day management of their wealth covered for them, and they can concentrate on strategic investment decisions and the wider purpose and legacy of their investments.  

Astronaut Tim Peake started the session by discussing how people work together as a team to achieve a common objective. The theme of people working towards a shared goal continued throughout the afternoon, and Russell Clarke of Carey Olsen closed the session by saying: ‘What sets Guernsey apart is its people.’ It was clear from the panel’s discussions that Guernsey’s high calibre of professionals is one reason the island is seen as a leading financial services centre.   

Families are turning to a variety of structures to preserve, enhance and transfer wealth to future generations. From traditional trust and private trust company (PTC) arrangements to family investment companies (FICs) and private investment funds (PIFs), Belasko has experience in a wide variety of structures and family scenarios and will be happy to discuss the best option with families and their advisers. 

If you’re interested in finding a bespoke approach to wealth management, contact Andy on: [email protected] or find more information on Belasko’s offering here: https://www.belasko.com/private-wealth/ 

Straight to the point – a Fund Administration Strategy Series Making the break.

The Private Capital market has grown to a booming $10trn of assets and Prequin predict it shall hit $16trn by 2026. Goldman Sachs goes further to say that with the right economic conditions, that figure could be as high as $30trn!

Keeping up with growth of this nature creates many challenges however advancements in technology and processes have enabled administrators to keep pace on a global scale however, the entrepreneurial nature of the Private Capital market continues to challenge business models as it matures.

Complexity exists in every corner.  International structuring, a la carte investor terms, co-invest, multi-currency offerings are just a few of the areas that can quickly break the model.  If we combine this with the global growth in fund administrator operating models and a necessity to standardise service delivery and technology to enable that growth, it’s hardly surprising to see a divergence in client requirements and the service received.  Still, Private Capital Managers are reluctant to change administrative providers fearing the grass is not greener and the process of transfer too complex and risky.

We set out some of the considerations to provide comfort that there is a playbook to navigate through these short-term challenges and to create a long term partnership  that enables your organisation to keep pace with the fast moving requirements of the private capital market.

Be honest about your requirements

Cultural and operational alignment is critical.  Private Capital Managers who need to close new investors, make capital calls, or make new investments frequently, at the last minute, late at night, will stress operating models that do not have the capacity to be flexible and apply adaptive governance.  By making your expectations clear, you can expect less friction in your day-to-day operating model once the resourcing and operating model is designed properly.  Cost considerations should be secondary to defining the right operating model to deliver on your requirements upfront.

Where a tailored service arrangement is required, be sure to test that your administrator can customise delivery to the extent it is needed.

Strategic alignment

Great partnerships require operational stability yet the ability to grow.  A service provider with an aggressive acquisition strategy will have multiple challenges across HR, Technology, and rigid operations risk management.  When managed well, the outcome can create genuine client and shareholder value but as with all projects, there can be waves.  Conversely a partner that does not grow cannot invest and your service may suffer in the long term.   Growth needs to be measured and sustainable to enable a positive client and shareholder dynamic but not at the cost of operational flexibility.  Be clear about the direction of travel of your administrator and seek a partner whose strategy has a positive enduring impact on your operating model.

Planning, communication, and handling complexity

Effective communication between organisations is often overlooked in the planning stage of a fund migration to a new provider.   Expectations are set during the administrator selection process without either party really understanding the requisite level of planning to unpack all the detailed requirements of the Client.  This often leads to a delivery that falls short of the brief and immediately places the relationship under water from a quality and economic standpoint.

Skilled communicators can bridge this gap by ensuring a clear scope of deliverables are properly understood by both parties allowing subject matter experts to provide the technical analysis upfront so that expectations are realistic, can be detailed in a Service level Agreement and costed properly.

Plan for challenges in the short term.  Consider that terminating your incumbent administrator will need delicate management and will likely have a cost to exit.  Your new administrator will be able to balance the equation with a reasonable set of requirements to ensure your data, records and operational knowledge land in good order.


A fund in its mid life will have a considerable data legacy.  Mapping that historic data to a new accounting system is time consuming and will also require cleansing of underlying data to ensure a consistent accounting history.  Experience with data enrichment and transfer tools is critical to ensure that advanced features of the operating model, like a GP or LP portal, may be used reliably from the get go.  Ensure your administrator has a clear understanding of how to achieve a good data transfer and the resources to enable it.

Practical Commercials

Be clear about your pricing objectives and whether they align to your requirements.  Sustainable tailored service solutions do not lend themselves to a low-cost functionalised operating model.

An experienced administration partner will be able to introduce master services agreements that create contractual and pricing simplicity for the inevitable add-ons that are required throughout a funds life.  This will reduce the frequency with which you have to negotiate a fee schedule enabling your teams to focus on delivery.

Working with a provider that values good market conduct ensures that termly pricing review will identify areas of both saving and incremental resourcing that should be met to enable the service model to be resourced properly.   Understand how this review will take place and the information systems that support it.  Strong transparent data will reduce unnecessary negotiation and discontent.

Is it about technology, process, or people?

It’s about delivery… Technology advancement has been rapid in Private Capital and self-service tools such as GP/LP Portals, system integrated workflows, electronic investor onboarding have enabled a reduction of human interference in processing.

However, to my earlier point, if your funds structure and terms are complex, varied and fast moving, then Technology is only part of the solution.  We believe that fund administration remains a people business so retaining, recruiting and developing those people is essential.  But realistically, staff changes happen so it’s imperative to embed knowledge into robust processes to protect your service.

Work with a provider that can help you identify these challenges early in the sales process and can resource accurately around it. 


Our firm view is that through effective planning and with the right expertise, complexity and risk can be managed for a successful transfer.  Finding an administration provider that has a sustainable growth plan without the distractions of wider corporate actions is essential in striking a long-term successful partnership.  In our experience, every Private Capital structure requires a tailored service and technology solution and only a successful combination of the 2 supported by a strong team will deliver to your needs and fully support your strategic objectives.

The Belasko Group –on point tailored service solutions.



Author : Ross Youngs – Group Commercial Director

Ross joined Belasko in 2021 to lead the Groups commercial growth strategy in Private Capital Fund Administration, Corporate Administration and Fiduciary services.

He has over 20 years’ experience in the Offshore Fund and Fiduciary markets holding leadership roles in Alternative Assets, Sales, Relationship Management and Client Service for a global provider.

Working with managers across the UK, US, Europe and Middle East, Ross has helped clients launch fund and investment structures in the Private and Public markets focusing on Private Capital and Real Assets.