Fleming Family and Partners Asset Management (FF&PAM) has implemented a bespoke client reporting system, developed and installed by UK consultancy Citisoft.
FF&PAM engaged Citisoft in September 2002 for a three-month project to enhance its client reporting process. The firm had chosen not to take an off-the-shelf package so that it could design client reports that were FF&PAM-unique.
The new reports were to contain much greater client-specific detail with investment manager commentary, performance and market reviews and include all required regulatory information.
During implementation, Citisoft also helped to automate the reconciliation of information received from the administration system to ensure that it is complete and correct.
By eliminating manual inputting, the new system has reduced the risk of error in position keeping says Karen Stanley, head of fund administration, FF&PAM.
"The system Citisoft created has helped to automate our reconciliation and report production very effectively - although with the greatly increased depth of detail in reports our workload has increased," she says. "It is intended that the improved reports will be more transparent for clients."
Stanley says the firm will continue to work with Citisoft in the future on enhancements to simplify report production still further.