In an era of newly expanded reporting demands for private fund advisors, global technology solutions provider Confluence Technologies announced its reporting platform will address the periodic and shareholder reporting requirements detailed in the SEC’s Private Fund Rule (“PFR”), and a wide range of private fund data and reporting challenges, delivering accuracy, efficiency and speed as the deadline is fast approaching.
As previously reported by Alternatives Watch, the new rule will mandate investment advisors to prepare a quarterly fund statement within 45 days after the end of each fiscal quarter, and firms should have a solution deployed by the second quarter of 2024 to prepare for dry runs toward the end of 2024 reporting cycles — a pricey proposition with little margin for error. A recent EisnerAmper survey of 456 alternative investment industry participants found that only 46% are somewhat prepared to comply within this short window of time.
Pittsburgh-based Confluence has been serving the investment management industry since the launch of its first product in 1994 and has leveraged its regulatory and shareholder reporting experience to evolve its offering into a comprehensive, feature-rich reporting solution. The platform relies on advanced performance analytics, data collection and enrichment capabilities streamlining data management and transformation across diverse private funds.
Confluence’s technology also includes an artificial intelligence-driven reconciliation engine dubbed “Rex” that automates the reconciliation of disparate private fund reports, ensuring consistency in data points across reports while reducing time to compliance and eliminating the need to work with numerous vendors to meet the requirements. The reporting platform also offers advanced performance analytics, eliminating the need for numerous vendors to meet the requirements of this and future regulations.
“Private fund data often exists disparately across funds, structures and clients, making structured reporting a significant challenge,” said Todd Moyer, president and chief operating officer at Confluence. “With over three decades of experience helping the investment management industry meet ever-changing regulatory requirements, our reporting platform positions us perfectly to deliver significant time and cost savings and accuracy to the private assets world as they continue to face increased scrutiny.”