Milestone Group, the global provider of optimized fund processing solutions, today announced that OppenheimerFunds has gone live with its NAV Oversight solution, automating the oversight process for the critical daily NAV calculation on more than 230 outsourced funds. NAV Oversight is part of Milestone Group’s Fund Oversight focused solution set within its pControl platform.The Fund Oversight solution set enables fund managers to automate the verification of outsourced fund processing functions.
The deployment gives OppenheimerFunds deep insight into all components of their NAV calculation process and confidence in the accuracy of service provider results. The system gets down to a level of granularity and auditability on changes in pricing, expenses, income and capital flows that satisfies the toughest of board, investor and regulatory scrutiny.
Robert Caporale, MD and Head of North America at Milestone Group, said: “For a growing number of asset managers, increasing fund oversight levels is about protecting their business and the reputation they have attained. OppenheimerFunds has achieved a level of thoroughness many in the industry still strive for, and we are committed to supporting them in their oversight expansion efforts.”