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  Most offshore funds require a board of director, a fund manager, an administrator, and custodian. Directors can be the fund manager. Most OFCs allow for the directors to be anyone. Typically, an offshore fund enters into a contract with the fund manager, who may be based abroad or in the United States. If the fund is required to have a foreign based fund manager, the fund manager usually enters into a subcontract with a U.S. based trader to manage the fund. An offshore administrator usually handles the fund's day to day activities of operating the fund's bank account, issuing payment instructions, providing the net asset calculations, calculating management and performance fees, receiving and processing subscriptions, maintaining the shareholder register, preparing accounts, arranging payment of redemption proceeds, coordinating communications with shareholders, and overseeing anti money laundering compliance. Although all of these activities can be performed in the United States without triggering U.S. tax issues, many of these functions are still performed outside the United States.