Bonaire Software Solutions, LLC, a provider of software solutions for asset managers, has added a fund rebate functionality to its REVPORT Revenue and Expense Management software suite.
The new functionality will manage and calculate diverse fee types essential to the mutual fund and asset management businesses.
Dodd-Frank in the US, Retail Distribution Review (RDR) in the UK and PRIP in Europe all are calling for new disclosure and reporting of fees, which will impact the way they are calculated and reported. Regulatory requirements may require more frequent and accurate fee calculations and as a result, asset management firms will need to move away from error-prone manual and spreadsheet processes in order to meet new audit and reporting requirements, Bonaire says.
Key features of REVPORT include:
-Calculation of fund or distributor rebates-Calculation of retrocessions, trailers, sub-advisor pay-outs and fee splits-Fund and distributor rebate calculation and reconciliation with distributor invoice to validate invoice fee calculation and any variance-Rules-based workflow and exception processing
With regulations such as Dodd-Frank and Retail Distribution Review (RDR) imposing stringent fee transparency standards on the mutual fund and fund management businesses, firms need to be accurately billing fees, says Chris John, CEO of Bonaire. Firms are highly susceptible to errors in their fund rebates and fund expense management. Our new technology will ensure firms can efficiently and accurately calculate these fees, and perhaps more importantly, comply with new regulations. We are committed to providing our clients with cutting-edge technology that improves operational efficiency and addresses crucial developments in business processes.