Confluence Offers Complimentary Audit to Uncover Potential Errors in Fund Performance Reports

Pittsburgh, PA - 19 October 2010

Confluence, the global investment management industry’s leading provider of automated data management solutions, is offering a complimentary audit to fund administrators who want to uncover and eliminate potential errors in their performance reports originating from inaccurate data.

Participating fund companies can send fund information and historical performance data for two share classes to Confluence by October 29, 2010. Confluence will run performance calculations with its Unity Performance software and compare the results against companies’ historical calculations. Participants in the Unity Performance Challenge will then receive an analysis report and consultation free of charge to review the findings.

Many fund administrators and their service providers produce performance reports manually, reentering information from spreadsheet data, which increases the risk of errors. Indeed, a 2008 Confluence survey found that more than 80 percent of fund administration executives were concerned that multiple manual processes impede their ability to control mistakes in reporting and documentation.

"In an era of the investor where transparency is a top priority, fund administrators need to get accurate fund performance information to the right people, in the right format at the right time," said Kirk Botula, Executive Vice President and Chief Operating Officer, Confluence.
"The fear of publishing performance data in different places that do not match is one of fund administrators’ worst nightmares."
More than 60 percent of the fund industry relies on Confluence’s Unity Performance, an automated performance calculation platform, to ensure the integrity of their performance data.

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