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State Street enhances global accounting service

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State Street has launched eHorizon, its enhanced global accounting system for asset managers and institutional investors.

The solution delivers new levels of functionality, accommodating multiple accounting bases and providing greater flexibility in managing complex fund structures such as fund of funds, pooling, master-feeder and multi-managed arrangements.

State Street says customers are increasingly looking to outsource their accounting requirements to create operational and technological efficiencies, minimize risk and support new products and global expansion. Global expansion requires that asset managers and owners manage multiple accounting bases, such as GAAP, IFRS and local market tax practices. Since each customer has unique needs, eHorizon automates allocations based on customer-specified methodologies and calculates accurate net asset values in real time at each level of the fund structure. Flexible fund cycles can also be accommodated, allowing customers to customise the methodology for reporting and valuing global portfolios.

Transamerica, an asset manager and a long-time State Street customer, has been using the eHorizon service since April this year.

“We have been impressed by the flexibility of eHorizon to execute sophisticated processing across our more complicated fund structures: master feeder, multi-manager, fund-of-fund and multi-class. This unparalleled service provides true NAV unitization, reducing the risk of errors while ensuring we can develop new investment structures and grow our business,” says Joe Carusone, senior vice president and treasurer of Transamerica Asset Management Group.

“Asset owners and managers are launching more complex fund structures, need to bring products to market faster and require more global controls around operational risk,” says Pat Centanni, executive vice president and head of global product management for State Street Investor Services. “The infrastructure required to manage the accounting, reporting and valuation of these global fund structures has become significantly more complex and multi-faceted. State Street’s eHorizon system surpasses many offerings in the industry by providing a seamless, automated, and comprehensive accounting process on a single global platform. In addition, the rules-based architecture and rapid development capabilities allow increased flexibility and speed to market to help customers expand into new fund segments such as ETFs and target date funds.”

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