Why is FX hard to manage across many funds?
Because each fund tends to arrive with its own bank, its own rates and its own way of doing things, and nobody is asked to compare them.
The same issues come up again and again in fund operations:
- Funds on different banks and providers, with rates that nobody benchmarks.
- Confirmations and statements that have to be rekeyed into the books.
- Repeated KYC requests whenever a fund opens a new account.
- Missed cut-offs on capital calls and distributions in other time zones.
- Attempts to change payee bank details by email, especially around switching.
How do blind quotes work for each fund we service?
Each fund's requirement is priced separately, with that fund's name withheld from providers. The results go to whoever makes the decision for the fund.
You or the manager tell us the pair, amount, product, value date and fund type. We put it to several providers on our panel and show every indicative price side by side: rate, spread to mid at the time of quote, fees, cut-offs and onboarding time. The fund, its board or its manager decides whether to go further, unless that decision has been delegated to you. Quotes are indicative until the fund is onboarded with the provider. How blind quotes work
How does onboarding work when many funds need accounts?
The provider runs KYC with each fund directly. We coordinate the timings and give you a checklist, so the same documents are not requested three times.
Providers usually ask for documents along these lines for each fund entity:
| Area | Typical documents |
|---|---|
| Constitution | Certificate of registration, limited partnership agreement or articles, offering documents |
| Control | General partner or board details, register of directors, beneficial owners and controllers |
| Authority | Board or GP resolution to open the account, list of authorised signatories and users |
| Service providers | Investment management agreement and administration agreement |
| Activity | Expected currencies, volumes, payment corridors and counterparties |
Exact requirements differ by provider and by domicile. FundFX does not collect or store fund KYC documents: they go straight from the fund or the administrator to the provider.
What reporting can providers give the administrator?
Statements and trade confirmations per fund entity, ideally as files or a feed your systems can load, with references that match the capital call or payment.
When we compare providers for a fund we ask how statements are delivered, whether references carry through to the receiving bank, how balances are reported each day and whether read-only access can be given to the administrator. Formats differ by provider and are confirmed during due diligence.
How does a partner arrangement with FundFX work?
You introduce funds that want a better FX arrangement, and we run the quotes, comparison and onboarding coordination. The fund stays your client and makes its own decision.
There is no exclusivity and no change to your role as the fund's administrator. FundFX never instructs payments, never holds money and never sends or changes payment details. If FundFX pays an administrator anything for an introduction, that payment is disclosed to the fund in writing before it decides. We keep a record of why each provider was matched to each fund, separately from what anyone is paid.
Who decides which provider a fund uses?
The fund, through its board, general partner or manager. Not FundFX, and not the administrator unless the fund has delegated that decision.
We give the facts: authorisation, how client money is safeguarded, services, cut-offs and indicative pricing. We do not advise which product or hedge to use, and we only introduce firms authorised by the FCA. How to choose a provider
Can we talk about a partner arrangement?
Yes. Tell us a little about your firm and we will call you to talk it through.