Wolters Kluwer Financial Services Adds Securities Lending Functionality to GainsKeeper FundTax™

Wolters Kluwer Financial Services yesterday launched automated securities lending functionality for its GainsKeeper FundTax™ REIT solution. The enhanced module eases the burden of manually tracking securities lending for REIT’s and its effect on tax reallocations, saving time and reducing 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 seamlessly with the ability to programmatically translate CUSIP level data into lot level data, resulting in a tax accurate application of shares on loan to specific lots. In addition, 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.”

“FundTax has been an important tool in automating all aspects of the REIT calculation,”said Paul Keith, senior product manager with Investment Compliance Solutions for Wolters Kluwer Financial Services. “As REIT securities’ lending has increased for our customers, we felt it was important to address both the impact of securities lending on the calculation and the challenges inherent in integrating less granular securities lending data into REIT calculations, eliminating cumbersome manual processes and ultimately reducing the risk of distribution and compliance errors.”

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