Scenario
This client has a large number of portfolios. This includes:
- Internal portfolios of their own Manco,
- Funds belonging to 3rd party Mancos where they are the delegated portfolio manager for the fund or a sleeve of the fund
- A range of accounts where they are appointed as the discretionary manager.
The core books and records come from across a range of fund administrators.
The 3rd party Mancos require the client to monitor all the portfolios against the regulatory and prospectus limits.
The Client’s requirements include the following:
- Investment compliance monitoring, against the UCITS regulatory rules and prospectus limits.
- Monitoring against the global shareholder disclosures limits applicable, but with a focus on UK Transparency Directive TR1 Reporting and UK Takeover Panel reporting. This is made more complicated by several different arrangements as regards control of voting rights
- Several portfolios also require Annex IV Reporting
What the client was looking for
The client needed a solution that could easily aggregate all holdings from different administrators and for different valuation points, The solution needed to support aggregation, reporting and monitoring at multiple levels including portfolio, discretionary investment manager and controller of voting rights level, including at group level.
The client was looking for a fully managed outsourced solution.
Why Funds-Axis was selected
The client selected Funds-Axis for a range of reasons, including:
- The breadth of our solution and services, being able to cater for all of investment compliance, shareholder disclosures and regulatory reporting.
- Our record of customer service, with some clients onboard for nearly a decade
- The optionality to extend to our modules with ease, including Regulatory Reporting.
The perceived barriers
The client was concerned about a long-extended project across their regulatory needs, due to the number of portfolios and associated data required. Client was also concerned about how well the system would address the various complexities associated with their portfolios.
Funds-Axis was able to automate the data integration and aggregation within few weeks, addressing the specific complexities with ease.
How things look today
Every day we aggregate data from multiple different fund accounting platforms. Having aggregated all the holdings, rules are processed in less than 10 minutes to provide complete coverage of being able to cater for all of investment compliance, shareholder disclosures and regulatory reporting.
On a quarterly basis, we provide the client also with Annex IV Reporting.
We now support the client with production of the KIIDS and PRIIPS KIID, EMT and EPT, including all the required statistical calculations and cost calculations.
