Luxembourg-based CMI Asset Management has implemented Thomson Financial's real-time investment management, accounting, valuation and reporting solution, Icon, for multi-classed funds.
According to CMI, multi-classed funds, in which management charges can be varied within the same fund or group of assets, are a 'coming thing' in the European market. The asset management firm required a solution which was fully compliant with market legislation governing this type of fund vehicle.
Simon Friend, general manager, CMI Asset Management, says: "Icon will allow us to maximise our exposure to the growing market for funds in Europe."
The back-office solution incorporates fund management, portfolio valuation, accounting, unit pricing, reporting and data feed funtionality.
The system was delivered, configured and tested over a two week period in early October. It went live last week and is currently handling 22 funds, representing £3.3 billion.