The European Depositary Bank (EDB), a subsidiary of financial services provider the Apex Group, has partnered with Fund Recs to deploy its Cash Flow Monitoring Module.
Through EDB, Apex offers independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures. EDB provides a service suite that covers the full spectrum of asset classes including private equity, real estate funds, hedge funds, listed funds, infrastructure funds and renewable energy funds.
Completing timely and accurate trade and position reconciliations is imperative to firms so that all Central Bank & ESMA requirements are met for EMIR purposes. Management firms with sub advisors or delegated models have the ultimate responsibility that all trades are being reported to the repository and that the information being reported is accurate. Although this can be outsourced the responsibility cannot be outsourced. The Central Bank have confirmed that delegated reporting is one of 4 areas they will be focusing on. They have stated that if reporting obligations are delegated firms should still reconcile all data to ensure all relevant trades have been reported, remedial action is taken to resolve any issues and that they regularly review trade repository rejection reports.
The rollout of Fund Recs Cash Flow Monitoring Module within EDB will create further efficiencies by automating the manual oversight of cash transactions in broker accounts, which is a key requirement for Depositories whilst freeing up highly qualified resources from data processing tasks. EDB’s clients will benefit from straight through processing and customisable reporting.
Tom Walsh, Head of Programme Management at EDB, says: “The deployment of additional Fund Recs software within the Apex Group is indicative of our commitment, as a global brand, to delivering exceptional service by utilising the best-in-class technologies and continually improving efficiencies. We look forward to delivering enhanced reporting services to our global client base as we continue to grow and expand our service offering”.
Fund Recs CEO, Alan Meaney, adds: “We are delighted to be automating more and more workflows within the Apex Group and look forward to continuing to work in partnership as we expand our offering. Having gone live with EDB on Cash Flow Monitoring, we now help yet another team within the Group on a daily basis so they can focus on what they do best: delivering a great service to their current and prospective clients. This is another strong vote of confidence in our software as we remain committed to delivering efficiencies and improved client experience through automation in the financial services industry.”
