Collaboration will provide simplified AIFMD filing across multiple jurisdictions.
Confluence, a global leader in investment data management automation, today announces that it is collaborating with Fundsquare to provide secure delivery of AIFMD Transparency Reporting to all National Competent Authorities (NCAs) across Europe.
The Confluence SaaS-based technology-enabled Unity NXT AIFMD Transparency Reporting aims to ensure completeness, accuracy and control over the entire AIFMD reporting process -- from the collection of data, the calculation of answers, the approval of the report form contents, to the transmission of the filing. By incorporating Fundsquare into the solution, asset managers need only upload files once for them to be disseminated to multiple NCAs in the format required by each to ensure accuracy and timeliness of filings to each regulatory jurisdiction.
The Alternative Investment Fund Managers Directive (AIFMD) affects asset management companies that manage an Alternative Investment Fund (AIF) domiciled or marketed in the European Economic Area (EEA). One of the key features of the Directive is the AIFMD Transparency Report, which requires Alternative Investment Fund Managers to provide regular, detailed reporting to their respective regulatory jurisdiction(s) regarding their investment strategy and activities, assets, transactions, risks, and business relationships. With over 400 data points to be collected from a variety of internal and third-party systems, the AIFMD Transparency Report is a complex undertaking for even the most seasoned asset managers.
Commenting on the appointment, Melvin Jayawardana, Confluence European Market Manager, said: "As a leading infrastructure for investment fund distribution services, Fundsquare was a natural choice to collaborate with to provide the industry with an unprecedented AIFMD Transparency Reporting solution."
"As regulatory reporting pressures continue to increase, we view Fundsquare as a resource we can leverage to develop and bring to the market additional regulatory solutions to both the asset management and third-party administrator market."
Olivier Portenseigne, Chief Commercial Officer at Fundsquare said: "As a market utility for the fund industry, Fundsquare aims to create more economies of scale for all actors. Working with Confluence, will considerably increase efficiency for our respective clients. We believe a collaborative model with the best providers will make funds servicing easier at a time where coping with regulation is increasingly high up on asset managers' agendas."
Fundsquare was constituted in June 2013 and was set up by the Luxembourg Stock Exchange in order to create a unique international market infrastructure that provides services to substantially support and standardise cross-border distribution of investment funds. The main objective of this utility is to facilitate the relationships between professional investors and funds. Its initial scope of services focuses on fund operation flows and information exchanges. As such, it provides order management services to fund distributors, promoters and transfer agents, as well as information services to the fund industry as a whole.
As a proven leader delivering an innovative platform to put the data first in asset management, Confluence is leading the DataTech evolution for post-trade reporting. We focus on getting the data right, then reusing it across multiple regulatory, financial, statutory, performance and investor communications deliverables for speed, efficiency and control. Eight of the top 10 global service providers license Confluence products and eight of the top 10 global asset managers have business processes automated through Confluence. Headquartered in Pittsburgh, PA, Confluence serves the international fund industry with locations in Brussels, Dublin, Ho Chi Minh City, London, Luxembourg and San Francisco.