UMB Fund Services (UMB) has endorsed the Institutional Limited Partners Association’s (ILPA) best practice principles and reporting templates for the private equity space, which help promote reporting consistency and transparency for limited partners.
UMB is among a select group of fund administrators to endorse the ILPA reporting standards.
“Implementing these new template standards and best practices will aid in furthering standardised reporting processes for limited partners and ultimately providing the transparency many private equity investors are now desiring,” says Maureen Quill (pictured), Chief Operating Officer at UMB Fund Services.
UMB’s proprietary accounting system, FastPro, is being programmed for ILPA template reports by UMB’s internal developers. Investor statement programming is under way, while capital call and distribution notices are already available.
“We commend the efforts of UMB to support the private equity industry’s need for standardisation and transparency,” says Jennifer Choi, Managing Director of ILPA. “As more LPs and GPs adopt the template, there will be a greater call for solutions, such as FastPro, that help streamline implementation. We look forward to the development of the platform.”
