Silica Back Office Outsourcing services, provide an end-to-end service in which all instructions are sent directly to Silica, who perform quality checks and assume the risk to ensure the instruction is captured in line with business and regulatory rules/procedures, as agreed with the customer.
Silica also assumes responsibility for the full compliance monitoring function on the customer’s behalf.
Silica issues all bulk trades, submits the trades to market and reconciles all transactions received to the trades taken place with the Investment Vehicle Provider (Collective Investments, Share Portfolios, Hedge Funds, International Funds and many more).
We also provide a full service for all bulk runs including: Fees, Debit Orders, Phase Ins, Annuities, etc. and take responsibility for all payments including: annuities, redemptions, advisor fees, admin fees, etc.
Additionally, Silica assumes responsibility for all tax administration relating to the investor with the relevant tax authority (SARS, HRMC, EUSD). Silica provides the full accounting requirement by preparing reconciled general accounts for the products, trial balance, income statement and balance sheet using accounting information supplied by the customer if required. Moreover, Silica facilitates the audits of the products that we administer.
As part of this service, Silica provides all technology including the ability to deliver a workflow solution within our customers business. The service includes a customized web portal utilising Silica’s standard web parts and web services. Incorporated is the ability to transact online, present information using 3rd Party sources (eg. Morningstar), request reports and correspondence. This full service includes the capability to view information across mobile devices such as IPADs and smartphones.