Could Fund Administration be More Efficient?
If you use Penny® - It Works fund administration software, then fast and accurate investor reporting is more than wishful thinking.
Finally, fund administrators and accounting firms can fully automate back-office partnership and shareholder accounting, off-loading the arduous performance estimates, fee calculations, allocations, and tax estimates to a system designed to handle many clients–each with their own fund nuances.
The system handles hedge funds, fund of funds, master-feeder structures, private equity funds, and mutual funds. Penny® can be tailored individually for each fund and client to generate and help distribute customized performance reports and investor statements.
Streamline Investor Servicing
Close the books in minutes, not days, with integrated on-shore / off-shore consolidations, allocations, and fee calculations. Track investors' capital down to individual contribution lots.
Investor Statements
Create accurate investor statements with detailed performance graphs.
Flexible Fees
The system handles incentive, load, management, and redemption fees.
Allocations
Visual master/feeder fund structures ensure accurate allocations.
Estimates
Create capital reports for one or more periods based on estimates.
Tax Calculations
Penny supports both the layering and aggregate tax methods.
Struggling with intricate fee arrangements? Why not let Penny® do the heavy lifting of calculating multi-tiered, ever-changing fee structures?
Easily handle complicated partner allocations, side-pockets, multiple tranches, master feeders, and series or share equalization.
Combine Shareholder, Investment Partnership, & Fund Accounting
For shareholder accounting, Penny® tracks stock par values and additional paid-in capital, and handles the complexities of rounded NAVs, and corporate income allocation for intricate ownership structures.
Penny is the most flexible investment partnership accounting tool in the industry.
Gerry Ranzal, CPAPartner-in-Charge, Financial ServicesAnchin, Block, Anchin LLP
Fund managers expect their administrators to provide accurate and timely reports. With Penny®, you're a mouse click away from:
- up-to-date fund performance figures
- historical investor activity
- tax projections - with layered and aggregate gains
- visual organization chart of master-feeder relationships
The system's rapid processing cycles let you prepare monthly statments - including estimates - at any time, within or across periods.
Fund Accounting Case Study
With over 400 accountants, Anchin, Block, Anchin LLP, is one of the most widely-respected accounting firms in the financial services industry. Penny's tiered access controls let large administrators support many different funds, while ensuring that sensitive investor and performance data is fully secured.
Anchin uses Penny® to track investors' capital for more than 300 funds. The deployment took just 6 weeks, and now the software has eliminated:
- laborious allocations of realized and unrealized gains and losses,
- manual side-pocket calculations,
- spreadsheet-based handling of multiple fee arrangements.
With the system's automatic calculations of the investors' layering percentages, Anchin can easily allocate the results, add in tax adjustments, output K-1s, and generate each client's custom supplemental schedules.
- Create tax forms and schedules as PDFs, or, as Anchin does,
- export to 3rd party software (e.g. CCH Prosystem® or GoSystem®).
