Last client notification on 100% sell

In the case where a 100 % sell is done for the last client in the instrument, we need to ensure that no units are left on the instrument, including the fee and reserve portfolios, since the fund manager will close the fund.

A notification message will appear at the point where the user tries to authorise the instruction (100% switch-sell / withdrawal / transfer out) for an instrument on which this is the last investor in that instrument.

This is to notify that it’s the last client and also indicate that withdrawal/s should be submitted if there are still any units on an advisor or administrator portfolio for this instrument.

Other important validation on the last client in a fund:
At the point of confirmation, the system will force confirmation of exactly the remaining units . i.e give an error that they must confirm all units since its the last clients in the fund that sold 100%

This will then ensure that no exchange transaction is created for an oversell (or undersell) of an instrument that deals in amounts, else we will still end up with some units (or fractions thereof) on the reserve portfolio.

Last Updated on 5 years ago by Antoinette Van Meyeren