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The Ultimate Portfolio Management System
The advent of the FSA’s Conduct of Business rules (COB) on
1st December represent probably the most challenging upgrade
to portfolio administration operational systems ever.
The Updata development team have long been aware of this,
and the release of the latest version of the software represents the
culmination of 18 months of close co-operation and consultancy
with professional users “in the field”. It offers comprehensive
answers to COB compliance, as well as enhancements to workflow
systems and operating economies that are, we believe, unique
to Updata at this time. This will reduce and streamline operating
systems and costs. Here are just some of the enhancements
we like.
Reporting to Clients
The issuing of periodic statements to Clients (COB 8), and needs
to be viewed in conjunction with Client Assets (COB 9) are in
the system. Though the more onerous requirements of section 8,
particularly statements of rates of return and opening portfolio
positions, were dropped by the FSA in the consultative process,
these enhancements are valuable. Portfolio Administrator thus
now offers not only accurate historic valuation reporting, but
period (as well as aggregate) rates of return, and automatic fee
logging and reporting in the standard report format. Similarly,
transaction, income and other statements have been fine-tuned
to stay well within the remit of current COB reporting
requirements, as well as offering simple and straightforward
inputs for those working on these tricky aspects day-to-day.
With the addition of your standard report wrapper the reporting
sections of Portfolio Administrator are fully compliant.
Dealing and Managing
The all-new Portfolio Administrator Bulk Dealing module now
offers straight-through, paperless processing designed around
even the most difficult COB requirements (COB 7). Offering
an intuitive, stage-led process, the bulking of deals in individual
stocks can be handed from manager to manager for refinement
and addition prior to market execution, or to be held against
pre-defined dealing points by reference to either price or market
developments. Provisional portfolio allocations are warned of at
portfolio level to avoid overdrawing cash. Allocation by either
intended spend, or stock shapes, is semi-automated but can be
manually adjusted, and bulk deals carry through into a detailed
market execution stage. Front and back office charge are fully
independent and individually configurable, as well as handling
multiple charging structures and broker/nominees. Portfolio
modelling is also supported, allowing the automated shaping of
portfolios against a target asset allocation straight into suggested,
but fully editable, dealing lists. Crucially, the software records the
necessary time stamps and signatures for those taking action all
the way through the process, even handling the thorny
requirements of COB. All transactions, are archived at detail level
inside the software for audit and compliance needs.
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