Established Licensed Fund Management Company

A licensed fund management company is incorporated in the Cayman Islands as a segregated portfolio company (SPC). It’s registered as a mutual fund with the Cayman Islands Monetary Authority (CIMA). This entity was initially registered as a closed-end private fund in 2020 but changed its status to an open-ended mutual fund in 2022.

The Fund is structured as a segregated portfolio company (SPC), which is an exempted company under Cayman law. This structure allows for the creation of segregated portfolios (“funds”) to legally separate the assets and liabilities of these portfolios from each other and from the general assets and liabilities of the SPC itself.

This entity currently has two Funds which are open and able to take subscriptions. Both Funds are registered for FATCA and CRS compliance as foreign financial institutions (FFI).

The SPC fund structure is a popular choice for asset managers who want to create separate funds (segregated portfolios) under one umbrella structure. This can be for different strategies, investors, or share classes. It offers greater efficiency compared to creating multiple stand-alone fund structures and allows asset managers to easily add additional sub-funds as needed.

For example, an asset manager may want to launch and manage various funds relating to fixed income, equities, FX commodities, debt issues, or securitization, with each fund operating independently within the umbrella structure.

Fund Administration
The Fund has appointed XXXXXXXXXXX (Singapore) Pte Ltd to act as the Administrator of the Fund. In acting for the Fund, Ascent’s responsibilities include:

- Ensuring compliance by the fund with the Cayman Islands, Anti Money laundering and Anti- Terrorism Rules and regulations.
- Accounting: maintaining the corporate records and books of account.
- Administration: general duties, including communications with shareholders.
- Share Register and Transfer Agency work, including the processing of subscriptions and redemptions.
- Calculating the subscription price and redemption price of the shares.
- Arranging for the preparation of the financial statements and NAV to be audited by independent auditors and providing support thereto.
- Automatic Exchange of Information (AEOI) services for FATCA and CRS requirements.

Fund Auditor
- The Fund has appointed auditor as the auditor of the Fund. Auditors are responsible for preparing accounts for the Fund in accordance with International Financial Reporting
- Standards (IFRS) and fulfilling auditing obligations pursuant to Cayman Mutual Funds Law.

Anti-Money Laundering Officers
The Fund has appointed XXXX to provide anti-money laundering services of Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO), and Deputy Money Laundering Reporting Officer (DMLRO) to the Fund, as required pursuant to Cayman Mutual Funds Law.

Legal Counsel
The Fund has engaged Legal Firm to act as the Fund’s legal counsel. Firms roles include preparing the Fund’s offering documents, including the Offering Memorandum, Appendix to Offering Memorandum for each segregated portfolio, and subscription agreements, as well as maintaining CIMA registration and licensing requirements.