Caruso allows fund managers to manage investor liquidity by creating, editing, and confirming redemption requests directly within the Admin App. Follow the steps below to get started.
Step 1: Create a Redemption Request
There are two ways to create a redemption request, depending on whether you are redeeming through an Investing Entity or a Fund.
Investing Entity Redemptions:
Investing Entity Redemptions:
In the navigation pane, select Investing Entities
Click the relevant investing entity.
Select the Holdings tab.
Find the holding you wish to redeem, scroll right to the ellipsis (...), and select Create redemption request
Fund Redemptions:
Fund Redemptions:
In the navigation pane, select Funds
Navigate to the relevant fund
Open the Orders tab
Click Create redemption request
Step 2: Complete the Redemption Form
Enter the following details:
Date of redemption – enter according to your fund’s processing schedule (e.g. T+1, T+0)
Price per unit – pre-populated, but can be updated
Number of units to redeem – pre-populated, but can be updated
Available units – automatically calculated
How “Available Units” Are Calculated
How “Available Units” Are Calculated
Holdings as at the selected (backdated) date – any redemptions (including future-dated redemptions).
Example
As of 11 April, Tracey holds 50,000 units, made up of:
25,000 units issued on 1 March
25,000 units issued on 5 April
A future-dated redemption of 25,000 units is scheduled for 15 April.
If you review her available units as at 1 April (for example, to process a transfer on that date):
On 1 April, Tracey only held 25,000 units (the March issuance).
Because there is a future-dated redemption of 25,000 units, the system deducts that amount.
Result: 0 available units, since future redemptions are subtracted, while unit issues after the selected date are not yet considered.
Order value – automatically calculated
Note (optional):
Transaction tags (optional):
Related party (NCBO) – use when there is no change in beneficial owner
Related Fund – use when the investor relates to a different but connected fund
Note: Tags will appear in Admin App reports and Redemption Notice's.
Why Negative Values May Appear
In some cases, the Available Units field may show a negative number. This happens when:
Units have been issued after the selected date, and
Redemptions have also occurred after that date, and
The system subtracts those redemptions but does not include the later-issued units.
This is the current expected logic. However, an enhancement is being explored to make the calculation more intuitive by factoring in future unit issues.
Step 3: Manage a Redemption Request
You can edit redemption requests while their status is Requested, whether they were created via an Investing Entity or a Fund.
To manage Investing Entity redemptions:
To manage Investing Entity redemptions:
In the navigation pane, select Investing Entities
Select the relevant investing entity.
Go to the Orders tab.
Locate the redemption, scroll right to the ellipsis (...), and click Edit Allocation
To manage Fund redemptions:
To manage Fund redemptions:
In the navigation pane, select Funds
Navigate to the relevant fund.
Select the Orders tab.
Scroll right to the ellipsis (...) next to the redemption and click Edit Allocation
Step 4: Confirm a Redemption Request
Redemption requests must be confirmed before they are processed. You can confirm them whether they were created via an Investing Entity or a Fund.
Confirming Investing Entity redemptions:
Confirming Investing Entity redemptions:
In the navigation pane, select Investing Entities
Select the relevant investing entity.
Go to the Orders tab.
Locate the redemption you wish to edit, scroll right to the ellipsis (...), and click Confirm Allocation
Confirming Fund redemptions:
Confirming Fund redemptions:
In the navigation pane, select Funds
Navigate to the relevant fund.
Select the Orders tab.
Scroll right to the ellipsis (...) next to the redemption and click Confirm Allocation
Investor Notifications Examples
Email Notification:
Email Notification:
Statement Notification:
Statement Notification:
Example of Unit Redemption Notice publish to investor portal.
Note: The Unit Redemption Notice will be saved within the investing entity’s records. Admin users can choose to publish this to the Investor Portal.
Optional: Generate a Redemption Payment File
Optional: Generate a Redemption Payment File
Important: Understanding outgoing bank accounts at the fund level:
By default, all unit classes use the fund’s outgoing bank account for distributions and redemptions payment file generation.
To add additional outgoing bank accounts, go to Fund > Bank Accounts and select Add new outgoing bank account.
To assign a different outgoing bank account to a specific unit class, please see the guide here.
To create a redemption payment file in the Admin app:
Click Reports in the navigation bar.
Select Report and choose Redemption Payment File.
Select the fund and specify the time range.
Click Download.
Note: Redemptions tagged as related party or related fund are excluded from payment as no cash is required.
Tip: To enable investors to redeem units, open the fund’s Settings tab and toggle the Redemption button.
To see how an investor can redeem units, click here to view the investor portal guide.
If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.