Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
Tax

7313

Broadridge’s Access Data introduces unique tax management solution for mutual funds and ETFs

RELATED TOPICS​

Broadridge Financial Solutions has announced a unique tax management solution providing mutual fund managers and ETF sponsors access to data to accurately calculate state tax obligations.

Broadridge’s Multi-State Tax Management solution, the first of its kind, collects, organises and tabulates shareholder account data across distribution channels in all 50 states, without divulging specific shareholder information. It enables chief financial officers and their corporate tax managers to effectively apportion state taxes.

“Until now, a mutual fund or ETF could only estimate aggregate shareholder positions and not effectively calculate the positions by state. As states take a more aggressive stance in scrutinizing tax estimates the market need for this solution became very evident to us,” says Gerard Scavelli, President, Mutual Fund Solutions, Broadridge. “With the extensive information available to Broadridge, we were able to create this solution in collaboration with our clients, and solve a real industry problem."

Multi-State Tax Management streamlines the time consuming and complex process of collecting the data and calculating taxes due across states on a regular basis and provides increased accuracy for stronger risk and expense management. The solution determines average asset holdings and apportions income earned for a particular fund in each state. An analytic dashboard makes it easy for tax managers to review asset positions as well as income and tax obligations at a state level.
“This important tax information is available now for chief financial officers and corporate tax managers to calculate their 2010 taxes and to begin planning for the 2011 tax season,” says Scavelli.

Multi-State Tax Management is the latest addition to Broadridge’s Access Data product suite, which provides enterprise data management, analysis and reporting solutions to address challenges asset managers face in distribution assessment, compensation management, compliance and risk management.

In 2010, Broadridge introduced Market Intelligence for its SalesVision platform. That product also provides unprecedented information to mutual fund and ETF managers about their competitive position in the independent broker-dealer and registered investment advisor markets, enabling them to make smarter decisions around the deployment of sales and marketing resources, new product development and the strategic direction of their businesses.

Latest News

New research from Carne Group reveals fund managers expect alternative asset classes to see the..
Brown Brothers Harriman & Co has expanded its relationship with AllianceBernstein (AB), by adding to..
The trading and investment platform eToro has extended its proxy voting feature to all stocks..

Related Articles

The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a possible buyout of EY’s Italian consulting branch...
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a..
Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by