Knowledge Center

Innovating Successful Accounting Technology

9/8/2010
Mutual Fund Solutions
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Business Challenge

Our challenge involved customizing our fund accounting technology software application while simultaneously converting 457 funds for 127 clients’ representing $171 billion in assets and maintaining the highest level of consultative portfolio accounting services.

Our Solution

By analyzing our clients’ needs and tracking industry trends, we developed a best-in-class reporting workflow process. We then partnered with Eagle Investment Systems LLC to apply the findings and pilot the technology that would shape the functionality of their Eagle STAR® system.

We completed a detailed gap analysis to address any challenges, and discover areas that would further enhance the responsiveness, reliability, and consistency of our data and reporting capabilities. A project team composed of stakeholders from every business line, process, and interface affected by the system (including technology partners, consultants, pricing vendors, and several internal IT departments) oversaw the entire conversion including testing, assessing, and monitoring gaps and milestones.

One of the key drivers in our ability to customize the system and support every type of client, fund, and investment strategy—from derivatives, swaps, options, and futures to master feeder structures—was creating a dedicated conversion team to transfer existing and new clients to the system. This team methodically migrated all releases through extensive regression testing. Their understanding of the system and client requirements allowed us to build efficiencies and standardized procedures to manage every aspect of our conversion, including:

  • Prioritizing enhancements.
  • Determining the feasibility of individual enhancement requests.
  • Defining responsibilities of stakeholders for each development.

Appling a holistic approach to our processes and organizational structure allowed us to provide a consistent framework that addressed all client requirements, streamlined processes, and continually improves capabilities.

The Result

By tailoring the system, we were able meet needs of our diverse client base, which required:

  • 2a-7 and portfolio turnover processing.
  • Specific investment type processing such as I/O, P/O, complex corporate actions, paydown, fund mergers, and fiscal year end changes.
  • Customized internal reporting and interfaces.
  • Reports to support current and ongoing regulatory requirements including Rule 2a-7, Form N1-A, Form N-SAR, Rule 485(b), Regulation S-X, and SEC Yield.
  • Reports to enhance financial reporting.

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