US Bancorp Fund Services as licensed Confluence’s Clear Portfolio product to automate their portfolio holdings reporting. Clear Portfolio will allow U.S. Bancorp Fund Services to comply with the Security and Exchange Commission’s instruction to disclose fund portfolio holdings on a quarterly basis.
“Prior to the SEC’s February mandate of quarterly portfolio holdings disclosure, we only filed these reports twice a year and creating them took several days. Now we’ll be able to run these reports in minutes,” says Eric Falkeis, vice president of fund administration at U.S. Bancorp Fund Services. “Not only will Clear Portfolio automate the portfolio holdings reporting process, but it will also reduce the costs and eliminate the risks associated with generating these reports.”
Confluence released Clear Portfolio in April 2004 to help firms automatically create timely portfolio holdings reports to satisfy regulatory, marketing and compliance reporting needs. “Our goal with Clear Portfolio is to provide a flexible and scalable solution to automate the process of disclosing data to all necessary parties, whether it’s the SEC, third-party reporting agencies or internal groups such as marketing or compliance,” says Mark Evans, president and chief executive officer of Confluence.
Milwaukee-headquartered US Bancorp Fund Services provides administration services to more than 200 fund families, with 980 portfolios and 1,300 fund classes and administers 2.1 million shareholder accounts with $174 billion in client assets. US Bancorp Fund Services clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds. It is a subsidiary of U.S. Bancorp.
Confluence says over half of US mutual funds rely on its products and services to manage their fund information and automate their performance reporting processes.