Asset Register administration requires different skill sets and record keeping than third party fund administration. Abacus has developed a dedicated accounting and reporting package that can provide this service, maintain portfolio records and effectively manage the risks associated with the policy assignment process.

The role of Asset Register Administrator focuses on the operational issues encountered by Funds holding TEPs as an asset class with Abacus providing a wide range of services surrounding all aspects of the TEP asset register reconciliation work:

• acting as a central conduit for all Principal Parties to the fund;
• proactive risk management processes to ensure policies are assigned correctly and premiums claimed when due to mitigate risks associated with policies lapsing;
• maintenance of fund accounting records in respect of policy purchases, sales, surrenders and ongoing premium commitments;
• reconciliation of records (asset registers) between the policy valuer, the custodian and the premium administrator on a regular basis;
• working closely with UK Life Offices to ensure policies are correctly assigned, premiums are collected when due and no liabilities are encountered through non assignment;
• liaising directly with the fund’s auditor in respect of financial statements and collation of supporting documents in respect of policies held, matured, surrendered or sold.

Related Services

Premium AdministrationManagement Reporting Data Migration