
the legal owners. Efficient portfolio administration must deal with
issues such as the purchase or sale of stock where a corporate action
such as a dividend payment must be claimed or paid. Assets of a fund
may be held in a nominee at a custodian or correspondent bank
where they will be clearly designated. Important records must be
maintained for the funds to meet regulatory requirements and will
require the manager to produce evidence that:
䊏 allocation of any bulk trades between different funds was fair
䊏 the securities and amounts are clearly identified
䊏 the trade has been executed promptly and in a timely manner
䊏 the reason for the trade
䊏 that the ...