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Bonaire Announces REVPORT Functionality for Fund Rebates

REVPORT functionality enables firms to manage fund or distributor rebates, retrocessions and fund expense management.

Bonaire Software Solutions, LLC, a leading provider of software solutions for asset managers, announced today the addition of new fund rebate functionality to its REVPORT Revenue and Expense Management software suite. The new functionality will manage and calculate diverse fee types essential to the mutual fund and asset management businesses.

With increasing regulatory pressures, asset management firms are seeking out ways in which to provide a higher degree of accuracy to comply with the proposed regulations that impose stricter fee transparency and disclosure requirements on firms. Dodd-Frank in the U.S., Retail Distribution Review (RDR) in the UK and PRIP in Europe all are calling for new disclosure and reporting of fees which will impact the way they are calculated and reported. As a result, fund companies and asset management firms are seeking improved software as well as a central revenue and expense management platform that will ensure the accuracy of fee calculations to prevent fee leakage and eliminate rebate and retrocession over or under payments. Regulatory requirements may require more frequent and accurate fee calculations and as a result, asset management firms will need to move away from error-prone manual and spreadsheet processes in order to meet new audit and reporting requirements.

Bonaire’s REVPORT is a powerful rules-based revenue, fee and expense management system with the ability to calculate diverse fee types. Key features of the technology include:

• Calculation of fund or distributor rebates

• Calculation of retrocessions, trailers, sub-advisor pay-outs and fee splits

• Fund and distributor rebate calculation and reconciliation with distributor invoice to validate invoice fee calculation and any variance

• Rules-based workflow and exception processing

The fund rebate software streamlines and improves operational efficiency and reduces costs by automating the fee and rebate process. Fund managers will be able to produce management information and reporting, allowing them to better meet regulatory and compliance requirements. By offering straight-through-processing (STP), the fund rebate capability will enable accrual calculations and gains/losses postings and reversals.

“With regulations such as Dodd-Frank and Retail Distribution Review (RDR) imposing stringent fee transparency standards on the mutual fund and fund management businesses, firms need to be accurately billing fees,” comments Chris John, CEO of Bonaire. “Firms are highly susceptible to errors in their fund rebates and fund expense management. Our new technology will ensure firms can efficiently and accurately calculate these fees, and perhaps more importantly, comply with new regulations. We are committed to providing our clients with cutting-edge technology that improves operational efficiency and addresses crucial developments in business processes.”