See also:

A message from Alan Hutton, president of FundSERV: 2007 is off to a great start!

Passing the torch: Changes at FundSERV in 2007

FundSERV customer visits: How one meeting can go a long way

FundSERV technical support shares the answers to 10 frequently asked questions

Five years of revenue growth

Migrating for greater web site security

Net Settlement to flow through a new system

FundSERV employees give to United Way

FundSERV Network Performance

All articles

By Erin Bardua

As the investment fund industry becomes more and more complex, so do the relationships between the players. Case in point, an increasing number of brokers are acting as carrying brokers, performing administrative and clearing services for client-side or introducing brokers. These customers need robust reporting services in order to manage multiple codes and relationships.

"We wanted to get one report providing all the details of our correspondent business," explains Korina Hollowink, manager of mutual fund operations for Canaccord's Pinnacle Correspondent Services.

In concert with Pinnacle Correspondent Services, a division of Canaccord Capital Corporation, FundSERV has developed new consolidated reports within NSR/N$M for carrying brokers. "It required intense development," says Harry Gundy, senior manager of customer relations and business analysis at FundSERV. "We had to make changes to the security logic for dealer codes in NSR, and develop a consolidated version of the AG file. The consolidated reporting function is entirely table-driven."

Despite the complexity of developing the new system, Pinnacle is already taking advantage of easier settlement and reconciliation. "We're using the consolidated reports already even though our system programming is not quite complete," says Hollowink. "The consolidated reports are already available from FundSERV on the Web." The FundSERV Services Web screens now display consolidated settlement figures for all of Pinnacle's dealer codes.

Hollowink says the benefits of true consolidated reporting are immediately obvious. "The benefit is obviously a lot less paperwork, reduced time spent dealing with reports." Consolidated reports provide detailed information for all related codes without flipping between screens or printing dozens of separate reports. As a result, carrying brokers who use consolidated reporting are more efficient — freeing up time to take on more business. "The efficiencies gained from this new consolidated reporting allow us to better serve our existing Pinnacle clients, and enhance our service offering to potential new clients."

She adds, "We were printing about 20 reports daily, and that has now been reduced to five. There are a lot of companies who are becoming conscientious about being 'green,' and this is not only saving you money, it's saving trees. We're happy about that."

Table-driven consolidated reporting through FundSERV is available to any carrying broker. Interested FundSERV customers should contact Paula Olson for more information.

Table of Contents