Transfer agent / share register

The register is the legal record of ownership. It is what an investor relies on to prove their holding, what the auditor tests, and what determines who receives redemption proceeds and distributions. Transfer agency also covers investor onboarding, KYC record-keeping and the processing of subscription and redemption orders.

Historically the register lived in the administrator's system and had to be reconciled against the fund's accounts and the custodian's records. Tokenised registers put the register on a ledger that the administration workflow uses directly.

On POD the share register is tokenised: units are recorded as tokens on a private, managed blockchain, and the administrator's workflow runs on that same ledger, which is why register-to-ledger reconciliation is designed out.