Fund Administration Surveys | Recent Results
A survey last year revealed that 77 percent of fund administration leaders feel that a common practice, multiple manual processes, allows for errors in reporting to investors and regulators. Confluence surveyed 115 “C-level” fund administration professionals and executives. The high majority of those surveyed stressed concerns that by relying on manual data entry their ability to detect reporting errors and meet reporting deadlines has been impeded. 25 percent hope to consolidate their fund administration data to one database in the near future.
Kirk Botula, Executive VP and COO of Confluence explained, “The findings support our belief that the industry is serious about employing automation as a strategic initiative to expand their business. As more of these companies become global, fund administration automation is a critical strategy to increase productivity and reduce costs, while allowing them to grow efficiently and meet regulatory and investor requirements.”
As fund administration advances and becomes more complex, administrators are struggling to meet regulatory requirements. But the survey showed that despite the advancements in the industry a quarter of those surveyed still use multiple manual spreadsheets for more than half of their fund administration processes and another 23 percent use the method for 26-50 percent of their processes.
The majority of those surveyed felt it was very important to automate fund administration in order to reduce reporting mistakes, cut administration expenses, improve data integrity and “increase the scalability of operations.”
Source: Confluence
