is adding tools to handle private equity investments to its systems. The unit of PNC Financial will integrate the Financial Technologies' Investran
accounting and allocation system into its alternative investment servicing business.
The firm said the move is a response to growing demand from high net worth investors and pension funds. PFPC believes that the tools will cut the costs of using private equity investments for these clients.
"Our specialized alternative investment offering is specifically designed to handle financial reporting, calculation and analysis for complex fund structures," said Neal J. Andrews
, senior vice president and head of PFPC's accounting and administration business in a statement. "It offers the advantage of performing private equity work much more efficiently through the automation of many calculations, thereby eliminating the need for manual processing."
PFPC says that Investran's features include:
Flexible reporting at fund, underlying fund, portfolio and investor levels
Customizable, built-in general ledger
Calculation of complex allocations
Transaction and partner information
Tracking of the internal rate of return (IRR) and other measures at the fund, deal and investor levels
Tracking of capital commitments and subscriptions
Calculation of management fees, incentive fees and maintenance of waterfall calculations
Microsoft SQL platform-based and smooth integration with most environments.
Stay ahead of the news ... Sign up for our email alerts now