ConvergEx Group has launched a new tool to allow Prime Services clients to customize their tax lot closing methods and itemize capital gains and loss allocations.
Using Tax Optimizer, customers can run what-if scenarios to see how different closing methods might affect their tax liabilities. A Comparative Gain Loss Report offers detailed explanations of the variances in the closing methods and lets customers choose the most efficient closing methods for their specific funds.
ConvergEx says the tool allows clients to maximize their net returns by minimizing their tax liabilities.
"We maintain a constant effort to offer products that stay one step ahead of our customers' needs," says Douglas M. Nelson, CEO of ConvergEx Prime Services. "While the 2013 tax reporting season may seem like a far off event, customers would be wise to begin planning for it now so they are fully prepared come next April."
ConvergEx Prime Services offers integrated prime services to hedge funds, family offices, mutual funds and registered investment advisers.