SunGard Investment Management Systems says it has added a new “exception manager” to its INVEST ONE mutual fund platform to monitor and detect potential processing exceptions-including market-timing and late trading violations.
Fully integrated with INVEST ONE, the browser-based Exception Manager Module contains a comprehensive exceptions library, and also incorporates a new Rule Designer that allows firms to create user-defined rules for exception-based processing. The Module also aims to help mitigate operational risk by reducing manual intervention.
“Exception Manager enables users to look only at exceptions, as opposed to the more common and time-consuming practice of having to manually review all aspects of an account-including price exceptions, earned income and other account attributes-to locate those conditions,” says a SunGard spokesman.
“Exception management processing is a hot topic for investment management firms given recent transgressions surrounding market timing and late trading. Additionally, firms need the ability to identify and resolve potentially costly processing errors to gain higher levels of efficiency,” adds Doug Morgan, president of SunGard Investment Management Systems. “Exception Manager promotes automated exception identification by coupling extensive rules evaluation and data interrogation techniques with a robust exception management engine and web-enabled user interface. With ready access to accurate information on their processing environments, Exception Manager helps firms improve operational efficiency and reliability.”
INVEST ONE is one of a number of general ledger and reporting system s SunGard sells to fund managers and third-party fund administrators. It calculates NAVs, daily accruals of income, fixed expenses, management fees, cash movements, and the realized and unrealized profit and loss of securities and investment portfolios.