Summary
Delivering Value to European Fund Administrators
FINVENT Consulting Services Group
Streamlining Fund Administration
In a complex and fast-paced financial world, fund administrators are under increasing pressure to deliver accurate, real-time financial reporting and maintain a high degree of regulatory compliance. The role of advanced accounting solutions is growing in importance as firms face operational challenges, ever-evolving client demands, and increased competition.
SS&C Advent’s Geneva® is a transformative solution that enhances efficiency, improves reporting accuracy, and supports growth, making it a compelling choice for fund administrators seeking streamlined operations and scalable business models.
The European Fund Administration Market
The European fund administration market is one of the largest globally, with Luxembourg, Ireland, and the UK serving as major hubs.
Luxembourg remains a leading center with over €5.5 Trillion in assets under management, showcasing the country’s robust regulatory framework and appeal for cross-border funds, particularly in UCITS (Undertakings for the Collective Investment in Transferable Securities) and AIFs (Alternative Investment Funds) products. Ireland, also a dominant player, manages a substantial volume of alternative funds, offering expertise in both UCITS and alternative investment structures. The UK, despite post-Brexit shifts, still holds a strong position in managing European assets due to its advanced financial infrastructure and expertise in asset servicing.
In this European fund administration landscape, regulatory pressures, heightened client expectations, and the need for agile reporting capabilities are constants. Administrators must account for intricate multi-asset portfolios, navigate multi-currency transactions, and offer transparent, consolidated reporting for diverse stakeholders.
Meeting the Needs of the Industry
Given these demands, replacing outdated or proprietary systems with an adaptive platform is essential to maintain a competitive edge. Fund administrators seek comprehensive platforms that bring together investment accounting, reporting, and transaction processing, with key features such as closed-period accounting, instantaneous error correction, and real-time, multi-currency reporting.
The main advantages of Geneva for fund administrators include:
- Consolidation with High Processing Accuracy
The system can process a variety of financial instruments, including bank loans, swaps, forward and spot currency contracts, and multi-currency securities – all within a single platform. This consolidated approach minimizes the need for multiple accounting and reporting systems, allowing administrators to improve accuracy and simplify their tech stack across various markets and currency denominations. - Live Closed-Period Accounting with Error Correction
Geneva’s closed-period accounting ensures that adjustments are allocated to the correct accounting period, allowing for accurate reporting and record-keeping, an essential feature in an environment where errors can undermine client confidence and result in penalties. The platform’s error correction capabilities enable fund administrators to address mistakes quickly and maintain up-to-date records. - Real-Time Reporting Across Multiple Currencies
As fund administrators cater to clients with global portfolios, multi-currency reporting has become a necessity. Geneva provides consolidated views, real-time cash management, and market value reporting in both local and base currencies. The platform’s P&L analysis by strategy, alongside performance measurement reporting, allows administrators to offer highly valuable detailed insights. - Flexible Reporting for Diverse Stakeholders
Geneva’s advanced reporting capabilities provide fund administrators with the flexibility to customize reports to match their clients’ needs. Reports can be tailored to provide insights for operations teams, portfolio managers, and auditors, delivering the right information to the right stakeholders in real time.
Staying Competitive
As fund administrators seek to grow and adapt to evolving client and regulatory demands, adopting an advance accounting solution offers them a crucial strategic advantage in their effort to handle diverse asset classes, real-time error correction, and multi-currency reporting in one platform.
Such institutions, globally, seek enhancements in operational resilience, to remain competitive and relevant in an increasingly demanding industry.
_____________________________________________________________________________________________________________________
FINVENT Software Solutions is a producer and distributor of financial software applications and custom engineering services for the investment management sector. The firm serves financial institutions in European and African countries, including asset managers, family offices, investment banks, pension funds and hedge funds.
Finvent is the sole SS&C Advent distributor worldwide, and its products are natively integrated with those of SS&C Advent.
_____________________________________________________________________________________________________________________
Disclaimer: Nothing contained in the aforementioned content or its references constitutes an investment solicitation or a recommendation of any type.