Source: Linedata Services
Linedata Services, a global leader in the financial technology market, announced today the release of MFACT 2006, the newest version of their MFACT Fund Accounting System. This latest version offers users enhanced functionality for Share Class groupings and coding, added functionality to address U.S. and European regulatory issues, as well as a complete interface with LongView Trading, Linedata's Trade Order Management system.
A fully automated fund accounting and administration system, MFACT is designed to support all aspects and phases of investment and financial accounting, particularly for organizations that must compute a net asset value (NAV).
MFACT 2006 has been enhanced to allow users greater functionality and flexibility when assigning fund share classes, allowing users the ability to assign a taxlot or account to a share class grouping and then assign regular share class records to that grouping. The flow of transactions through these groupings results in the activity being allocated across the classes in the grouping.
The new version of MFACT also allows unsettled capital share activity and cash taxlots created by capital share activity (either directly or through settlement) to be left 'unassigned' to the class in question, but instead added to the fund level 'pool' and allocated across all the classes in the fund. This provides a new non-class specific valuation requirement, while maintaining MFACT's existing class specific valuation logic.
These new features are especially useful to funds marketed internationally with multiple classes in different currencies.
Other new functionality includes an International Financial Reporting Standard 26 (FRS 26) compliant method of amortizing/accreting debt securities that uses an "Internal Rate of Return" (IRR) percentage as a basis for calculating a Net Present Value (NPV); the ability to net dividend rates based on the applicable withholding and reclaim rates so that there is no need to record the tax expense on your General Ledger; and a data interface of trade/portfolio information between Linedata's trade order management system, Longview Trading and MFACT. This interface allows an integrated/automated data flow for those clients who use both systems