Participants & series
Every participant, every series, always footing
A fund’s participant register is where a spreadsheet quietly goes wrong: a row inserted in the wrong place, an ownership percentage that no longer sums to one hundred. In FundFlow the register is the units ledger, and value is always units times the price of their series.
No credit card. Nothing is charged until your first 30 days are over.
Adding a participant
A four-step flow rather than one long form: who they are, how to reach them and where their money comes from, which series they are joining and with how much, then a review. The IBAN is checked as you type. Nothing is written until the review step, and when it is, the participant, the holding and the first pending deposit are created together: you cannot end up with half of one.
- Identity, contact details, tax identifier and address
- Bank accounts with a checksum-validated IBAN, one marked primary
- Series and opening deposit
- A review that shows exactly what will be created
Deposits and withdrawals
Both are short wizards ending in a review that spells out the consequence before you commit. A deposit issues units at the entry price for the month, and the review names which month’s koers that is. A withdrawal can be partial or full: and a full redemption redeems every unit at the close rather than trusting a typed amount, so rounding never strands a few euro in a closed account.
- Units issued at the month’s entry koers, stated before you commit
- Partial or full redemption, with full handled at the close
- A warning when a withdrawal will reset the high-water mark
- Both land in the close as flows for you to confirm
Series with their own terms
A fee series is a share class: its own management fee, its own performance fee, its own high-water mark setting, its own koers history and its own units outstanding. A participant can hold units in more than one. The rates you set here are what the engine uses in the waterfall: not a description of them, the actual input.
- Management and performance fee rates in basis points
- High-water mark on or off per series
- Launch date and initial price, so a new series starts clean
- Koers, assets, units and participant count per series at a glance
High-water marks, tracked per unit
A performance fee is charged only on the value above the high-water mark, and only after the management fee has come off. The mark is stored per unit on each holding and carried forward month to month, so a participant who joined after a drawdown is not charged for a recovery they never lost.
- Charged on the excess above the mark, after the management fee
- Stored per unit, per holding, carried forward
- Optional reset when a participant withdraws
- Visible on the participant, the series and in the fee explanation
Dividends and withholding tax
Dividends are booked per security during the close, with the withholding rate prefilled from the paying country and a live preview of gross, withheld and net. On save they are allocated across participants by ownership share, and they roll up into per-year, per-country tax summaries you can put straight into an annual statement.
- Security, position, ex and pay date, gross amount, currency and rate
- Withholding rate prefilled by country
- Allocated across participants automatically
- Per-year, per-country summaries per participant
A record of what changed
Every change to a participant is written to a history you can search and filter, who changed what, and when. It is the answer to the question a spreadsheet can never answer: why is this number different from the one I remember?
- Searchable, filterable, paged history per participant
- Written automatically, not something anyone has to maintain
- Sits beside the participant’s holdings and bank details
What this is really about
The participant register is where a spreadsheet fails quietly. A row inserted in the wrong place, an ownership percentage that no longer sums to one hundred, a deposit priced at whatever seemed reasonable that week. None of it throws an error, and the consequence surfaces months later when somebody's statement does not match what they thought they had.
In FundFlow the register is the units ledger, and there is no second version of it. A participant's value is units times the koers of their series, always, so the holdings cannot drift out of line with the fund. Adding a participant, taking a deposit and processing a withdrawal are each short flows that end in a review spelling out the consequence before anything is written: which month's koers applies, how many units that buys, and whether the withdrawal will reset a high-water mark.
Questions about this
What price does a deposit get?
The entry koers for the month it lands in, and the review step names which month that is before you commit. Units are issued at that price, so the unit count and the NAV stay consistent. A full withdrawal works the other way round: it redeems every unit at the close rather than paying out a typed amount, which is what stops rounding leaving a few euro stranded in an account that should be closed.
Can one participant hold units in several series?
Yes. A fee series is a share class with its own management and performance rates, its own high-water mark setting, its own launch price and its own koers history, and a participant can hold units in more than one. The monthly calculation runs per series and per participant, so each holding is charged at its own series' terms.
The rest of the product
Every part of FundFlow works on the same monthly cycle. These are the neighbouring pieces.
Put your real participants in and see whether it foots
Thirty days free is enough to enter your register, anchor an opening position and check every value against the sheet you have now.
In your first session
- Create the fund and set up one series per set of fee terms you actually offer.
- Add every participant with their units and their current high-water mark as an opening position.
- Close a month and check each participant's value and fees against the sheet you keep now.
No credit card. Nothing is charged until your first 30 days are over.