Who should review and approve the NAV produced by the administrator?

The individual(s) responsible for approving the NAV should be independent of the investment process to minimize conflicts of interest. While there is no mandate regarding the role/function that confirms the NAV it is common for the head of back office or the chief financial officer to assume this responsibility. It is important to put that person in a position of trust, as the administrator is contractually mandated most often to take that sign off as final authority of the NAV.