SEI has expanded the regulatory component of its operating platform, adding technology and process enhancements that enable managers to streamline the regulatory filing process.
SEI's Investment Manager Services (IMS) division is a global supplier of customised operating infrastructure and services to investment organisations, representing more than USD13trn in assets under management.
SEI's regulatory solution is designed to help fund managers meet new requirements of the Foreign Account Tax Compliance Act (FATCA) and Form CPO-PQR, which affects only commodity pool operators. It also enables private fund managers to meet requirements of Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) and Open Protocol Enabling Risk Aggregation standards reporting (OPERA).
For private fund managers, SEI's solution builds on its existing web-based Form PF technology to provide the automated reporting that both regulators and investors are demanding, as well as process and data management customised to fit each fund's business model.
For example, rather than preparing filings manually, or drawing from multiple systems to assemble them, managers can now outsource those regulatory filings to SEI. SEI's solution uses data from its fund operating platform, and supplementary data if needed, to prepare filings formatted to the required specifications.
"Asset managers in the US and Europe are being affected by new regulatory requirements which have dramatically increased the demands on private fund managers," says Jim Cass, managing director for private fund services for SEI's IMS division. "Our solution is designed to help managers eliminate cumbersome regulatory tasks while reducing compliance risks."
Components of SEI's solution include its operating platform's Manager Dashboard, which streamlines oversight of the regulatory reporting process as it can integrate data across various accounts and products, including data from outside sources. IMS' compliance team then analyses fund managers' regulatory and system requirements, develops customised project plans, monitors regulatory developments, and adjusts filing processes for the SEI-administered funds.