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Fund administrators have historically been tasked with a providing a range of services to funds - 3rd party calculation of NAVs and returns, creation of bank accounts, managing investments and redemptions, preparation of investor and tax reporting, among other things.
Funds have typically relied on these 3rd parties to verify fund information for the protection of LPs. However, blockchains reduce these trust dependencies. This oversight become unnecessary when all manager actions create an immutable and auditable trail of actions. Code is now law.
So what does a world where we trust smart contracts and not people to administer a fund?