Wed, Jun 20, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

SEI expands its regulatory solution to ease the pain of escalating requirements

Wednesday, March 05, 2014
Opalesque Industry Update - Addressing a rising global tide of regulation aimed at private fund and traditional fund managers alike, SEI has expanded the regulatory component of its operating platform, adding technology and process enhancements that enable managers to streamline the regulatory filing process. SEI’s Investment Manager Services (IMS) division is a global supplier of customised operating infrastructure and services to investment organizations, representing more than $13 trillion in assets under management.

SEI’s regulatory solution is designed to help fund managers meet new requirements of the Foreign Account Tax Compliance Act (FATCA) and Form CPO-PQR, which affects only commodity pool operators. It also enables private fund managers to meet requirements of Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) and Open Protocol Enabling Risk Aggregation standards reporting (OPERA).

For private fund managers, SEI’s solution builds on its existing web-based Form PF technology to provide the automated reporting that both regulators and investors are demanding, as well as process and data management customized to fit each fund’s business model.

For example, rather than preparing filings manually, or drawing from multiple systems to assemble them, managers can now outsource those regulatory filings to SEI. SEI’s solution uses data from its fund operating platform, and supplementary data if needed, to prepare filings formatted to the required specifications.

“Asset managers in Europe and the U.S. are being affected by new regulatory requirements which have dramatically increased the demands on private fund managers,” said Phil Masterson, Managing Director for Private Fund Services for SEI’s Investment Manager Services division. “Our solution is designed to help managers eliminate cumbersome regulatory tasks while reducing compliance risks.”

Components of SEI’s solution include its operating platform’s Manager Dashboard, which streamlines oversight of the regulatory reporting process as it can integrate data across various accounts and products, including data from outside sources. IMS’ compliance team then analyses fund managers’ regulatory and system requirements, develops customised project plans, monitors regulatory developments, and adjusts filing processes for the SEI-administered funds.

Jim Volk, Chief Compliance Officer for SEI’s Investment Manager Services division, referenced a recent KPMG report, The Costs of Compliance, and a soon-to-be-released SEI survey, which show that despite looming deadlines, the majority of asset managers are still confused about the requirements of FATCA. The legislation mandates that financial institutions look for evidence of offshore accounts held by U.S. persons, report on such accounts, and withhold tax, where applicable.

“Investment managers have entered a new era of regulatory demands, and that is particularly true of private fund managers,” Volk stated. “Many managers are just now becoming aware of the technology and services needed to meet these stringent requirements.”

km

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Paper: The performance of stocks actively pitched by hedge funds[more]

    Using a novel dataset drawn from investment conferences from 2008 to 2013, I show that hedge funds take advantage of the publicity of these conferences to strategically release their book information to drive market demand. Specifically, hedge funds sell pitched stocks after the conferences to ta

  2. North America - US fundraising for special purpose acquisition vehicles hits record this year[more]

    From AFR.com: Special purpose acquisition vehicles (spacs) are hitting the US market at the fastest rate on record, attracting the likes of Goldman Sachs and hedge fund investor Daniel Loeb for the two largest such deals in 2018. Spacs have raised $US4.5bn so far in 2018, the largest amount fo

  3. Investing - Man Group and AQR try to take aim at private equity industry, Hedge funds poised to be winners in AT&T-Time Warner deal[more]

    Man Group and AQR try to take aim at private equity industry From FT.com: The popularity of private equity investments has prompted asset managers such as Man Group and AQR to devise strategies that aim to replicate PE returns but at a much lower cost to investors. Both companies a

  4. News Briefs: David Stemerman's hedge fund holdings shrank before his run for governor, nvestment manager TSW triggers succession plan, Alan Howard joins Peter Thiel investing in Cologne-based fintech startup[more]

    David Stemerman's hedge fund holdings shrank before his run for governor But the U.S. holdings of Stemerman's Greenwich hedge fund, Conatus Capital, shrank from $2.6 billion at the apex to just over $1 billion before he announced his move into politics. (Hartford Courant) Inv

  5. British Empire: Pershing's 23% discount 'unsustainable'[more]

    From Citywire: The wide discount on Pershing Square Holdings (PSH) is 'unsustainable' and puts star hedge fund manager Bill Ackman under pressure, says British Empire (BTEM). Pershing is the third largest holding in the £850 million British Empire trust, managed by Joe Bauernfreund, which sp