Bonaire Software Solutions has just upgraded its REVPORT platform to allow investment fund managers to automate the validation of their distribution fees as well as the allocations of revenues and expenses.
 
Over 235 new features are included in REVPORT 9.0 including the ability for fund managers to reconcile and validate data used for calculating distribution fees with internal data and invoices received from broker-dealers and other third parties, says John Bosley, chief operating offer for the Boston-headquartered revenue billing management software provider.
 
Such automated functions will prove useful when the U.K.'s Retail Distribution Review (RDR) rules come into effect at year-end. The Financial Services Authority will require investment advisers to disclose to investors the rebates paid to distributors and explain the different fees investors pay depending on the type of advice the receive. Investment advisers typically deal with numerous distributors and fee schedules. Taking distributors at their word might easily end up paying more or less fees -- a phenomenon coined fee leakage. Paying too little could mar the relationship with the distributor while paying too much harms investors and the bottom line as well as prompting regulatory scrutiny. Discrepancies most often occur if the investment adviser and distributor rely on different figures for assets under management or are dependent on manual or spreadsheet processes to calculate fees.
 
REVPORT 9.0 also permits investment fund managers to electronically allocate the amount of expense they incur or revenue they earn to an individual fund, a branch office or a specific product.  Instead of doing the calculations on Excel spreadsheets -- an error-prone process -- the fund manager can rely on REVPORT to use dynamic, rules based logic to allocate expenses or revenues based revenues using a methodology which could include the percentage of assets under management or the number of transactions.
 
Written by Chris Kentouris, Editor-in-chief (Chris can be reached through Chris.Kentouris@hotmail.com)
 

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