U.S.-based third-party administrator Atlantic Fund Services has gained control and visibility over post trade compliance, thanks to Infovest’s Statistical Compliance Product (SPC) supported out of South Africa.
Atlantic Fund Services, which provides comprehensive fund servicing solutions for mutual funds, series trusts, closed-end funds, private funds and bank funds, called for a demonstration of SPC’s capabilities two years ago, when they encountered challenges in understanding the compliance rules logic in their existing global vendor’s solution.
Infovest were happy to take up the challenge and look to build on their foreign client base which already includes clients in UK, Ireland, Sweden, USA and Canada.
“What was supposed to be a brief demo at Atlantic’s offices in Portland, Maine, turned into a full-day workshop. The more the Atlantic team saw, the more they liked,” says SPC Product Manager Jenine Ellappen.
Atlantic had been challenged in managing its old solution– the team found the solution highly technical and its rules logic cumbersome. Seeking a simpler, more effective product, they went ahead with a SPC proof of concept and immediately saw benefits. The product, featuring compliance monitoring, data management, breach management, enquiries and reporting, went live in September 2017.
“As soon as we made the decision to license SPC, Infovest was very organised and ready to start planning the implementation,” says Dennis Mason, Atlantic Fund Services Fund Compliance Officer. “The Infovest product is paying off. SPC provides us transparency into the data loading process making us aware of problems almost immediately. The system provides automated internal reports, allowing our team to research breaches earlier and more effectively. We can review trades in SPC to help us determine the cause of breaches as well as easily view the attributes of the portfolio holdings. The session analysis enquiry is key to efficiently managing breaches because we can focus on new breaches and quickly assess older breaches to determine whether there are any changes than need further review. The team spends less time trying to figure out why a rule has been breached because the rule building process is simple and easy to understand,” he says.
Mason adds that the Infovest team is knowledgeable about SPC processes and functionality as well as portfolio compliance monitoring in general. “The Infovest team provided many creative rule writing solutions and never turned down a challenge.”
After receiving training, the team at Atlantic became super users.” says Infovest Compliance Consultant Jason Prudhomme. “They code their own rules and make changes where required.”
With compliance and control their key priorities, Atlantic Fund Services also gained a simplified understanding of the rules and related data, new levels of efficiency with automated reporting and batch reports, and a platform that freed up resources to offer clients better service.
Infovest Consulting (Pty) Ltd is part of the StatPro Group of Companies, and is a leading provider of investment data management, compliance, regulatory and client reporting solutions.
Our suite of products encompasses post trade compliance, Investment Data Management, client reporting, and regulatory reporting solutions for today’s investment companies. Infovest aims to reduce the cost of systems ownership and complexity with a flexible data management framework and a tried and tested methodology, all backed by an agile and experienced team of professional consultants. With offices in Boston, Cape Town and London, Infovest helps their clients meet their continually evolving requirements.