NAV control framework
Define cut-offs, required sources, tolerance, materiality and review evidence.
FUND ADMINISTRATION
NAV calculation and oversight with visible control.
Bring positions, cash, pricing, accruals, fees and reconciliations into one controlled close process with visible exceptions, review ownership and retained approval evidence.
Overview
Net asset value is the value of fund assets less liabilities, expressed at fund and often share-class level. A professional NAV process is not a single formula: it is a close cycle built on complete trades and positions, reconciled cash, approved prices, accounting entries, fee calculations, investor/share-class data, materiality rules and documented review.
NAV is especially frequent and operationally sensitive for hedge funds and open-ended products, while periodic NAV and valuation reporting also matter for private equity, private credit and real assets.
Our capabilities
Population completeness
Validate positions, transactions, cash and pricing populations.
Reconciliation
Resolve or escalate breaks before they feed the close.
Fee / accrual checks
Validate agreed management/performance fees and material expenses.
Pricing exception workflow
Route missing, stale or challenged prices for authorised review.
NAV oversight pack
Produce manager-side movement analysis and release support without necessarily reconstructing every official book.
Service coverage
Core records
- Position and transaction files
- Cash statements
- Pricing / FX sources
- Administrator NAV package or trial balance
- Fee and expense schedules
- Share-class / investor data
- Approved private-asset valuation inputs
Operating activities
| Step | Activity | What happens |
|---|---|---|
| 1 | Set cut-off | Confirm source list, delivery status and valuation point. |
| 2 | Validate populations | Check completeness, duplicates and stale items. |
| 3 | Reconcile | Resolve or escalate cash, position and trade breaks. |
| 4 | Review prices and accounting | Apply approved tolerance, reasonableness and fee tests. |
| 5 | Analyse movement | Explain material P&L, exposure and NAV changes. |
| 6 | Approve / hand off | Create an exception log, review checklist and evidence for authorised release. |
Reporting and oversight
- NAV review dashboard
- Break / tolerance report
- Price exception list
- Fee and accrual validation
- NAV movement analysis
- Release checklist and evidence pack
What clients gain
Defined NAV controls
Define cut-offs, required sources, tolerance, materiality and review evidence.
Complete population checks
Validate positions, transactions, cash and pricing populations.
Faster break resolution
Resolve or escalate breaks before they feed the close.
Accurate fee and accrual checks
Validate agreed management/performance fees and material expenses.
Governance and integration
NAV Calculation & Oversight is delivered through defined responsibilities, controlled records and documented review. Material exceptions, judgements and approvals remain visible and attributable throughout the operating process.
- Materiality and tolerance thresholds.
- Four-eye maker/checker review.
- Approved price-source hierarchy and override approval.
- Cut-off monitoring and missing-source alerts.
- Immutable review evidence after authorised sign-off.
Expertise and delivery
Experts behind the service.
Relevant professionals support service design, exception review and delivery governance where specialist judgement is required.
Meet our Experts & ProfessionalsTechnology that supports control.
Controlled data, workflow and review capabilities support consistent execution, transparent oversight and traceable evidence.
Explore Technology & ExpertiseConfigured around your operating model.
Services can be delivered through managed operations, technology enablement, co-sourced delivery or transition support.
See How We WorkFrequently asked questions
Do you need to rebuild the administrator’s NAV?
Not necessarily. Kelton can support targeted oversight using independent sources, reasonableness checks and exception analysis.
What makes a NAV review institutional-grade?
Defined inputs, independent reconciliations, tolerance/materiality rules, documented ownership, exceptions and authorised release evidence.
Can this support daily NAV?
The operating architecture can support high-frequency cycles if source timeliness, system access, cut-offs and review responsibilities are suitable.
Discuss NAV Calculation & Oversight
Start with one workflow, one operating issue or one provider transition. We will map the current process, responsibility boundaries, required data and a practical first engagement.