Specialist transfer agency provider MFT has enhanced the functionality of its global transfer agency platform GFAS to service the €15 trillion Property Fund market*.
Global Real Estate fundraising is starting to increase again, with investors capitalising on opportunities presented by the recent downturn. 2008 was a successful year with an aggregate total of $116.8 billion raised by 166 funds**.
Working in partnership with Schroders, one of its key global customers, a range of new functionality has been defined, designed and developed specifically to support this key fund type. Specifically the new functionality provides:
A 'Commitment Register' capability for comprehensive investment strategies, allowing funds to be pledged and periodically drawn down
The ability to support:
- Statements and Valuations
- Stock Transfers
The enhanced platform also provides the framework on which to support a wider range of private equity and alternative investment vehicles, adding to the existing range of traditional investments already serviced by MFT's global platform, including unit trusts, OEICs, investment trusts, currency funds, offshore funds and SICAVs.
Gary Janaway, Head of Operations at Schroders Fund Services Luxembourg
said: "Property is one of the mainstream alternative asset classes that Schroders has managed successfully for over 38 years. It was therefore important for Schroders to be able to offer a single servicing solution to clients investing in both pooled property funds and traditional long only funds. The project allowed us to combine the best practices from both sides of the fund services industry in our design which has enhanced our overall servicing capability."
David White, Head of Business & Operations at MFT commented: "The addition of this new functionality to our platform means we can now support customers who wish to manage both traditional and alternative funds, on a single platform. Working with our strategic partner Schroders enabled us to deliver both a practical and market-leading solution for this key asset class."
* Source: March 2009, MIPIM
** Source: January 2009, Prequin