Confluence is to provide Mitsubishi UFJ Fund Services with a range of reporting solutions for its new Annex IV reporting services for alternative investment fund managers (AIFMs).
The new services allow AIFMs that are managing or marketing alternative investment funds (AIFs) in the EU to submit Annex IV reports to their relevant National Competent Authority (NCA), as required by the Alternative Investment Fund Managers Directive (AIFMD).
Annex IV reporting is one of the principle concerns of managers and funds in complying with the requirements of AIFMD. Involving 300 plus data points from fund, portfolio, manager and risk systems, the preparation and filing of the reports can be very time-consuming and complex. In addition, where reporting to multiple regulators is required, differences in the implementation of the rules provide additional complexity.
Mitsubishi UFJ Fund Services’ Annex IV reporting services are designed to enhance, transform and load data from its industry leading administration and middle office platform, and combine with data from managers and risk systems to complete Annex IV reports. Data is mapped to the various questions in the reports and formatted for automatic submission to regulators’ websites.
The reporting services and interface with the regulators are being launched using solutions provided by Confluence, a global leader in investment data management automation. They are designed to complement Mitsubishi UFJ Fund Services’ existing solutions for Form CPO-PQR and Form PF reporting.
Mitsubishi UFJ Fund Services will use Confluence’s Unity NXT AIFMD Transparency Reporting platform to format, calculate and submit the required information for AIFMs’ Annex IV reports. Unity NXT regulatory reporting solutions solve complex data aggregation and reporting challenges, including those associated with AIFMD, Form CPO-PQR and Form PF reporting. These solutions are designed to provide asset managers with completeness, accuracy and control over each respective reporting process, assisting them in the collection of data, answer calculations, approval of the report form contents, and transmission of the filings.
Tim Thornton, chief data officer at Mitsubishi UFJ Fund Services, says: “Fulfilling the Annex IV reporting obligation is an essential part of complying with the AIFMD for managers marketing or managing AIFs in the EU. Most managers will need to begin reporting in January 2015 and the time and complexity involved is by far the biggest concern as the deadline approaches. We have launched these services to provide AIFMs with a seamless solution for ensuring they are fully compliant with all the appropriate regulatory reporting requirements with as little manual intervention as possible.”
Hugh Byrne, managing director, EMEA business development at Confluence, says: “We originally started working with Mitsubishi UFJ Fund Services to provide them with a Form PF reporting solution for alternative investment asset managers. We are pleased to extend the relationship as their regulatory reporting provider by being selected as the solution to enable their AIFMD Annex IV reporting service. Mitsubishi UFJ Fund Services is one of the leading hedge fund administrators globally and this appointment presents us with the opportunity to further expand our presence as a regulatory reporting platform for the global asset management industry.”