What a fund administrator does
A fund administrator may calculate NAV, maintain the investor register, coordinate subscriptions and redemptions, and support regulatory and investor reporting. Duties depend on the mandate and fund structure. An EIF must appoint a GFSC-authorised administrator. For private schemes, the 2025 AIFM rules impose a local Part 7-licensed administrator requirement on qualifying self-managed small AIFMs (and through an external AIFM where regulation 10A applies); the GFSC can grant specified exemptions or permit a licensed company manager instead. Classify the vehicle and manager first.
NAV calculations
The administrator applies the valuation policy to the portfolio, reconciles holdings and liabilities, calculates NAV, and escalates exceptions for independent review. The fund documents set the dealing and valuation timetable.
Investor onboarding and AML
Identity, beneficial ownership, source of funds and risk must be assessed under the applicable Gibraltar AML rules. Where suspicion arises, suspicious activity reports go to the Gibraltar Financial Intelligence Unit (GFIU), not via a GFSC reporting channel.
Regulatory reporting: CRS and FATCA
Fund classification determines the relevant reporting and due-diligence obligations. The administrator can support filings where the fund is a reporting financial institution.
Payments and controls
Subscriptions, redemptions and expenses require documented mandates, approvals and reconciliations. Administrator and custody roles should be distinguished.
Governance support
The administrator supports board packs, records, service-provider coordination and audit. The directors remain responsible for fund governance and oversight.
Private schemes and EIFs
Private schemes fall within section 293(4)(b) and Schedule 24 Part 2 of the Financial Services Act 2019: no more than 50 participants may be authorised in the constituting instrument, and private promotion to no more than 50 persons must meet separate conditions. EIFs are governed by the Financial Services Act 2019 and the Financial Services (Experienced Investor Funds) Regulations 2020. The regime permits establishment without a prior GFSC approval process, subject to its establishment notification and ongoing regulatory requirements. EIFs require a qualified administrator and registered auditor. Classification under the AIFM Regulations must be assessed separately. See the fund comparison and Guidance Note 31.
Gibraltar in context
Gibraltar applies a 15% territorial corporation tax rate. Gibraltar has no VAT regime; Transaction Tax applies to relevant goods from 15 July 2026. It is not a general VAT on services. The UK–EU arrangements in respect of Gibraltar do not grant an EU fund-marketing passport; EU distribution requires jurisdiction-by-jurisdiction analysis.
Crypto fund administration
Digital assets require appropriate valuation, custody, reconciliation and AML controls. The fund regime and AIFM classification, rather than the asset class alone, determine the administrator requirement. See the crypto fund guide.