How ASK, powered by qashqade, serves Norway’s fund managers
Fee, carried interest and distribution calculations are among the most critical things a fund manager has to get right. In this written interview, ASK’s CEO Jørgen Jensen Axelsen and CRO Nils Rynning Mork explain how the Norwegian fund administration specialist combines local expertise with qashqade’s calculation engine, so that GPs get numbers that are accurate, explainable and trusted.
Key takeaways
- Outsourcing fund calculations to the right partner gives GPs an independent second set of eyes check on key fee calculations, while the fund manager stays confident in the methodology and accuracy.
- ASK pairs local accounting and regulatory expertise with qashqade’s rule-based calculation engine, built on the fund’s actual documentation.
- Implementation is where trust is built: the GP, ASK and qashqade implement the logic and test the engine together before go-live.
- The model suits GPs with relatively complex funds and a systematic approach to scaling their fund operations.
- The results: clients who would otherwise hire an expensive controller or CFO can rely on a qashqade calculation instance together with ASK’s accounting service.
ASK is a Norwegian specialist providing administrative and legal services to fund managers and investment companies. Through accounting, calculation, reporting and portal services, it delivers business-critical systems and know-how, with calculations powered by qashqade.
After our first Inside Private Markets conversation with ASK on simplifying fund operations in Norway, we asked CEO Jørgen Jensen Axelsen and CRO Nils Rynning Mork to go deeper on calculations: why fund managers outsource them, what makes it work, and what GPs should look for.
Why did ASK choose qashqade as its calculation engine?
Nils: We had a client with very specific needs on fund accounting calculations. We sourced the best specialised solution for European GPs, and qashqade was chosen as the top solution to integrate our services with. Sourcing the leading services and expertise for clients is a big part of what ASK does, and for calculations, that is qashqade.
Jørgen: What set qashqade apart was its clearly articulated delivery model. It made intuitive sense for both the client and for us as administrative support.
How does outsourced fund calculation work day to day?
Nils: Thorough implementation is key to successful fund accounting services. Most of the time, calculations are outsourced with two goals in mind. On the one hand, you want to establish a four-eyes principle for the handling of key fee calculations. At the same time, the fund manager needs confidence in the methodology and accuracy.
In practice, the process runs like this:
- Implementation: the GP, ASK and qashqade work closely together to test the engine before going live.
- Period close: ASK monitors the periodic account closing and checks with the client.
- Calculation: qashqade executes the calculations.
- Quality check: ASK and the client review the results.
- Resolution: any questions or discrepancies are handled quickly, before the numbers are committed to reports, distributions or fee invoicing.
In short, ASK stays close to every calculation, while qashqade adds an impartial, rule-based layer that reduces the risk of human error.
Which fund managers benefit most from an external calculation engine?
Jørgen: The key factors for outsourcing calculations are relative complexity and the GP’s systematic strategy. In our experience, GPs with a systematic approach to scaling their fund operations are the most drawn to the qashqade-backed calculation service we offer.
Why do fund managers choose a local provider alongside a global calculation engine?
Nils: All European fund managers have to contend with local regulatory requirements and local accounting needs for their legal entities. For share-based funds, the corporate accounting can, and should, double as the fund accounting. That is ASK’s local niche. It is also why we partner with the best local accounting systems and with global precision engines like qashqade.
The result is local judgement combined with global-grade precision.
Why do complex fee and performance calculations outgrow spreadsheets?
Jørgen: Correct fee and performance calculations are vital for investor trust. They often involve complexity that overloads locally maintained spreadsheets, especially when there are investor-specific sums that follow from investment timestamps. An internal spreadsheet is also often person-dependent, and it comes with basic data-integrity challenges. An external calculation engine, with proper onboarding routines, helps alleviate this.
A rule-based engine replaces formulas buried in a spreadsheet with calculations that are transparent, repeatable and easy to explain.
How do you remove the single point of failure from fund calculations?
Nils: The main challenge is two-fold. On one side, complexity demands a thorough understanding of the fund documentation. On the other, GPs need the calculation not to depend on a single point of failure or one key employee. The only solution we have seen work is to establish an engine externally, with calculation rules based on the actual documentation, and to invest time in quality assurance during set-up.
Simple outsourcing without GP involvement at the start will not be sufficiently trusted as an ongoing service. It reduces risk in the end, but it needs to be set up with diligence.
What does onboarding and implementation look like?
Nils: As mentioned, onboarding and set-up are vital for a good result. In our case this means the key GP employees, qashqade and ASK jointly examine the proposed rule-based calculations. Then we thoroughly test to ensure correct calculations across all variables. We value qashqade’s flexibility and commitment to the onboarding, since that is what establishes a trusted and working solution in the long term.
qashqade works with the ASK and client team at set-up, so each client’s specific challenge is covered and everyone has confidence in the numbers.
What does this mean for GPs in practice?
Jørgen: In our experience, clients who would otherwise have to recruit an expensive controller or CFO can do without, because they have access to a qashqade calculation instance and our direct accounting service. The set-up is the shortest route from financial event to trusted internal reporting there is.
Nils: It also lets ASK support more demanding funds while keeping the set-up lean for clients. Overall, I would say GPs gain efficiency whilst keeping costs low.
How is AI changing the set-up of fund calculations?
Jørgen: The complexity will always be there. Terms and clauses have no incentive to go the other way. But with the advent of AI-supported document processing, the quality and speed of implementation has increased, which also helps with set-up costs.
What is your advice to a fund manager with complex requirements?
Nils: A demonstration is free. Check what can be handled autonomously, and evaluate whether the suggested onboarding and quality assurance meet your standards.
Jørgen: Implemented well, an engine and proficient data handling can save time and money, and make your set-up a lot less risky.
Want to see how qashqade handles complex fund calculations? Book a demo.
