We use PFS-Paxus® (Paxus) as our core fund administration platform. Paxus is an Intergrated accounting, transfer agency and portfolio system tailored for hedge funds. Paxus’ functionality enables us to seamlessly complete a fund’s NAV and disseminate investor statements in one system. Paxus has the functionality to perform onshore and offshore fund accounting for funds employing various strategies as well as fund of hedge funds and private equity funds.

The shareholder registry module of the system is extremely robust and can automatically perform partner/investor allocations, series roll-ups and charge fees to specific classes as well as individual investors. The system also automates the dissemination of investor statements, contract notes and other correspondence and is scalable for funds from a few investors to thousands of investors.

Paxus has automated functionality for pricing feeds, exchange rates, corporate actions, reconciliations and a template builder for building interfaces to prime brokers and client porfolio systems. All such feeds can then be automated on a scheduler providing straight through processing capability.

For more information on Paxus, please visit Pacific Funds Systems website at www.pacificfundsystems.com

We have partnered with Bloomberg and Markit partners (for OTC securities), both are industry leading independent pricing providors to provide our client funds with pricing services.

Bloomberg also provides our Security Master information as well as corporate action information. Paxus obtains the Bloomberg pricing, security master and corporate action data via an automated feed integrated with Bloombergs data licence product offering.

In addition to PFS-PAXUS®, we have built an efficient workflow processing application called TAChecker. The application has been built over a number of years and certainly differentiates us from our competitors. TAChecker is a customized workflow designed specifically for ISIS. It is  a Customer Relationship Management (CRM) tool for trades and control application for managing investor transaction processing, cash transactions, anti money laundering checking. The application also provides control over month end processes.

TAChecker consists of a compiled application linked to a SQL Server 2005 database ( client / server application) , we have also integrated it with  our primary accounting application (Paxus).  The application is central to the workflow over investor transactions in and out of funds, cash transactions in and out of funds, and is custom built to fit the ISIS workflow as it relates to the relevant transaction or month end process.

The key system features are as follows:

• The system generates Investor confirmation and request communications automatically to word documents for email / faxing to investors
• The system generates investment manager confirmation request emails
• The system generates staff notification emails to notify staff as to the transaction processing status of trades.
• At many points within the processing there are control checks which integrate with the accounting system, for example:
  • has the minimum subscription been met?
  • does the investor meet the minumum holding of shares for redemption?
• The system attaches a trade “workflow” status to the item. When the final checklist report is printed, the historical workflow is shown.
• The system provides an automated reconciliation tool between the transactions captured via the checklists and the transactions processed in the accounting system.
• Customized workflows are setup per fund for the monthly checklist and these control checks then appear on the monthly checklist.
• For AML/ATF (Anti-Money Laundering/ Anti Terrorist Financing) purposes the system documents exactly how the relevant party was cleared for AML / ATF purposes or if further action is required and it documents the actions taken.
• The system allows for sign offs of checklists.
• There is detailed reporting that provides exception trades; for example:
  • trades not received by the closing date for a trade date, subscriptions below minimums and cash not received in time.
• The system also has custom reports that have been created to provide additional reporting of Paxus information such as the shareholder categorization report which shows investor values by their category – eg US / Non-US and/or Erisa Status.
• TAChecker provides the evidence related to Key Controls identified in the ISIS SOC 1 Type II report (formally known as SAS 70 Type II).

We have built automated feeds between our applications and various prime brokers and custodians. The feeds have been built to transfer files (PGP encrypted or unencrypted as required) in the standard file format as required by the counterparties via FTP and SFTP or email as our clients require.

We also have built ad hoc reports for clients to meet specific reporting requirements.

In addition we have built our own Financial Highlights calculation application which is integrated to PFS-Paxus, at the end of the financial year this provides click of a button financial highlights.

ViewPoint is one of the leading corporate entity, company secretarial and compliance data management software for the offshore industry. Full details for each of the client companies are recorded in the viewpoint database, making it easy to retrieve any data needed. As information is changed, ViewPoint automatically generates all of the relevant paperwork, including minutes and resolutions. ViewPoint supports multiple offshore jurisdictions for the automated production of forms, minutes, resolutions and compliance checking. There is no need to import or export information as all forms are ready to view on-screen.  

At the heart of ViewPoint is a fast, powerful database, sorting and protecting the information for client organizations.  A comprehensive range of registers is maintained on the system and historical information is retained to form a traceable audit-trail.  A selection of standard reports can be quickly generated as well as easily customized to meet individual client requirements.

ISIS Fund Services uses World-Check© to screen clients and investors through anti-terrorism databases. World-Check provides:

• A risk based screening application enabling us to instantly check individual or organization names against the full World-Check data set.
• It allows for at-a-glance verification during the remediation of automatic screening outputs.
• A Passport-Check web portal which we use to verify the authenticity of ‘machine readable’ (MRZ) passports.The integration of name checking and ID checking into one process provides us with the capability to meet our stringent international Customer Identification (CIP) and Know Your Customer (KYC) obligations.
• A constantly updated database with comprehensive profiles of high risk and ‘potentially’ heightened risk individuals and entities and those associated with them, in more than 240 countries and territories.
• Politically Exposed Persons, terrorists and organized crime; money launderers and fraudsters amongst many other categories are all profiled and linked, to offer a complex network of public information.
• The database correlates every known sanction and embargo list from around the world, including both debarred and banned parties, such as OFAC, UK HMT, EU, UN OSFI, FATF, the Australian DFAT, USA CFTC, World Bank, SECO Interpol, CBII, IFSRA and USA ICE, among others.

On a weekly basis relevant records from our Paxus and Viewpoint databases are autmatically downloaded into the worldcheck application and checked against the most up to date data.

ISIS Connect is a web reporting platform connected to PFS-Paxus.  PFS-Paxus is our fund accounting, transfer agency and portfolio system and is completely integrated with ISIS Connect. ISIS Connect provides a website for investment managers and fund investors to login and view information.  

ISIS Connect is provided as an additional service to clients for a low annual fixed fee and is available in three service options: Manager access only, Investor access only and  Investor and Manager access.

The website generally shows our ISIS logo and color scheme , however we can also white label the website to showcase managers firm’s logo and color schemes (after logging into the platform from our standard login page).

Manager Access provides the following:

• A homepage where the manager can view the NAV history, fund performance and top positions in the portfolio.
• A detailed investor holdings schedule.
• Access to the investor transactions and allows the contract notes which have been approved, to be viewed online.
• Access to a selection of accounting and portfolio reports. These can be saved in Excel, PDF or CSV format.
• A portal where documents can be posted. For example, fund Offering Documents, minutes of Board of Director meetings, Annual Financial Statements, monthly NAV packages, and custom reports can be uploaded to ISIS Connect and can also be downloaded on a self serve basis.

Investor Access provides investors in the fund with the following:

• Access to the current fund investment balance and history of balances.
• Provides access to a full history of transactions in the fund.
• Ability to download the contract note for any new transaction with the fund.
• The investor can update their contact information (e.g., address details, email address, etc.).
• There is a portfolio transparency report. The investment manager can determine if they would like their investors to see this information.
• Provides a portal for fund documents such as: fund offering documents, annual financial statements, subscription documents, redemption request forms, and transfer forms. Documents can be downloaded by the investor.

We have located our primary information technology infrastructure in a third party’s data centre and we own the hardware on which we run our own cloud environment. This allows for virtualization of servers, appropriate segregation of resources for security and ability to expand the capacity of the servers. The storage used to host the servers is in a RAID configuration. By locating the servers in the data centre our infrastructure is protected within a fault tolerant facility which has physical access controls, fire protection, redundant backup power, cooling and communications.

We have installed a redundant internet connection at the data centre with two different communications providers.  Two different internet service providers provide internet access at the data centre. We have retained a Bermuda based information technology service organization to maintain the information technology environment. We have ensured that the service organization has sufficient depth of knowledge and number of staff to handle our needs.

We have also put in place maintenance and support agreements with major vendors for key communications and server equipment. For maintenance there is a virtual private network connection available for remote access to all servers at the data center. We have also created a portal for employees, which provides a published desktop and enables them to work from any location with internet access.

The Company has a direct link from the primary offices to the data centre as well as a redundant internet connection installed at the primary office in the event that the direct link should fail. The redundant link allows access to the portal.

The Company has a disk appliance based backup at the data centre which replicates data to a data centre in Toronto, Canada, which in turn is replicated to a secondary location in Ontario, Canada. The service is provided and maintained by a major enterprise class provider. The service also provides a cloud host onto which the Company’s servers can be loaded in the event of a complete failure of the company's own IT infrastructure. We test our backups and remote host on at least an annual basis.

The enterprise class provider also provides high speed internet access to the disaster recovery servers in the event of a disaster. In cases of extreme disaster, staff can be moved between the Bermuda and Charlotte locations, so even in the worst case scenario if one office is not functional, work can be completed from the other functional location.