Bonaire Software Solutions, which provides software for asset managers and mutual funds, has released a new REVPORT solution for fund managers, fund distributors and fund administrators that automates the distributor rebate fee calculations and invoice reconciliation process.
REVPORT automates the process for calculating fees and generating, receiving, reconciling and processing invoices. With the new solution, mutual fund companies and fund administrators can better understand their distributor relationships and ensure they have comprehensive, operational oversight and cost savings, Bonaire says.
Transparency and accuracy is at the top of a mutual fund companys agenda, says Chris John, CEO of Bonaire. Boards are looking for full disclosure on payments. Management wants to know which channels are selling. Salespeople are interested in better understanding their distributor relationships. There is clearly a need for technology that can deliver necessary insight to bring accuracy to a largely manual process. Mutual fund companies cannot afford to expose themselves to the potential risk in an errant payment calculation.
(CG)