Wolters Kluwer looks for easy lending ride 01 November 2013Massachusetts Reporter: Georgina Lavers
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Wolters Kluwer Financial Services has put in place automated securities lending functionality for its GainsKeeper FundTax REIT solution.
The enhanced module aims to ease the burden of manually tracking securities lending for real estate investment trusts and its effect on tax reallocations, and hopes to save time and reduce the risk of reporting errors.
The REIT module of the FundTax reporting solution automates the calculation of tax reallocations and relevant basis adjustments on securities sold.
The new functionality injects securities lending data into existing reports. It has the ability to translate CUSIP level data into lot level data, resulting in a tax accurate application of shares on loan to specific lots, said a statement, adding that the system features a detailed audit trail for ease of review.
"By automating this process for our clients, mutual fund tax accountants can significantly reduce the risks of inaccurate reporting and associated IRS penalties," said Chuck Ross, general manager of investment compliance solutions for Wolters Kluwer Financial Services.
"This greatly enhances their ability to address multiple business and regulatory rules efficiently and meet applicable requirements accurately and on time."
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