“The major changes we see are in demands for access to data and demands for accuracy. Our clients want to see data more in real-time, anytime, anywhere. There is a lot more information that has to be managed and accuracy is required,” observes Bob Forsythe, IT Manager at UMB Fund Services.
Understandably, administrators are looking to smartly deploy technology to meet these data flow demands so as to provide access, minimise data entry mistakes, make sure processes are efficient and ensure that all of a manager’s regulatory and compliance requirements are identified and addressed.
To stay ahead of the curve, UMB Fund Services is focused on three areas of technology development. The first, scheduled to roll out this summer, is a fully enabled mobile application.
“The web portal our clients currently access from their desktops will be made accessible on tablets and smartphones. The system will automatically recognise the type of device being used and adjust appropriately and not lose any functionality,” explains Chad Allen (pictured), Managing Director of Alternative Investments at UMB Fund Services.
“The application will run on both Android and Apple iOS operating systems. The functionality will include access to full fund information as it pertains to investors, financial statements and historical reports, including tax returns. The asset manager will also be able to generate reports on demand.”
Furthermore, investors will have access to their statements, historical Schedule K1 tax reports and audit information on the mobile application.
This is reflective of how technology has changed the way the industry views and interacts with fund data. “It’s not an area we can afford to ignore. It could become a litmus test for managers to determine whether to engage with a particular fund administrator,” suggests Allen.
The second area of focus is a portal for hedge funds to access, query and data mine their portfolio information.
This information is derived from Advent’s Geneva® hedge fund portfolio software. The plan is to integrate data from Geneva to UMB’s existing web portal. “This means hedge fund managers will have full access to their portfolio data. They will be able to see all portfolio positions, purchases and sales, dividends and interest, etc,” confirms Allen.
The third area of focus is electronic subscription documents.
Currently, the subscription document process is manually intensive. Either the fund manager or the administrator sends subscription documents to the prospective investor who prints them, signs them and sends them back for the administrator to input the data. It is a very slow, unwieldy process.
“We are currently building a solution that allows the prospective investor to complete the subscription document and sign it electronically. The solution is not only electronic but also smart. For example it will prevent a user from entering numerical items into alpha fields and vice-versa and from signing the form until all necessary fields have been completed.
“From our standpoint, electronic signatures offer greater data accuracy and timeliness: we will be able to import data directly into FastPro, our proprietary fund administration system without manual intervention. That is a huge benefit to managers and their investors. It will make the subscription process faster to have a complete document the first time. It will also make the data more accurate and more reliable,” explains Allen.
“We plan to roll this out in early 2016 along with the Geneva portfolio solution,” confirms Allen.
