Financial Software announces that Brown Shipley is the latest private bank to go live with CGiX

Financial Software Limited (FSL) is pleased to announce that Private Bank, Brown Shipley have been running live with CGiX since December. The implementation of CGiX at Brown Shipley will enable the fast and accurate calculation of capital gains tax (CGT) on investment portfolios.

The CGiX solution automates CGT calculations on investment portfolios using applied rules database techniques for legislation and corporate event processing. CGiX features an integral securities database, containing income and capital histories, as well as 1965 and 1982 re-base prices and this guarantees the accuracy of securities capital gains calculations. Financial Software receives data from five different data vendors. The CGiX What-If front office module will provide Brown Shipley with real-time CGT forecasting for proposed trades within their client’s portfolios.

The Brown Shipley implementation was particularly testing as it involved the migration of data from a legacy third party CGT system. FSL however, rose to the challenge and worked closely with Brown Shipley during the migration period. FSL undertook a major data reconciliation project to clean the data, and manipulate and correct it to ensure CGT validity for this and previous tax years.

“We are delighted that the Brown Shipley implementation was so successful and was within the agreed timeframe. We are also satisfied that we have made an important contribution to the quality of the data. We look forward to extending our relationship with them in providing a cost effective and efficient CGT solution,” said David Pirrie, Director at FSL.

“Financial Software has an active and inclusive approach to product development which we believe is essential to our customers’ in today’s volatile business climate. We welcome this opportunity to continue to develop the CGiX service with Brown Shipley so that they can continue to enhance the level of service they provide for their customers.”

“Brown Shipley chose CGIX because of its reputation as a leading CGT software product and the ease with which we could integrate it with our new Investment Management system”, said Peter Collier, Marketing Strategy Director. “CGIX simplifies our administration and provides us with enhanced planning and reporting tools as we continue to develop our levels of service to clients”.