Entities can be easily transitioned or moved from one Business (outgoing administrator) within Class to another Business (incoming administrator) using the Fund Transfer Data report.
This report contains various data sets; in this article we outline what data you will get and what is not included based on the following sections;
- Fund Details
- Opening Balances
- Fund Transactions (post-closing position)
- Next steps for transition
- Frequently Asked Questions
Fund Details
|
Data included in transition? |
Fund Details |
|
Y
|
|
|
N
|
|
Opening Balances
|
Data included in transition? |
Opening Balances |
|
Y
|
|
|
N |
|
Fund Transactions (post-closing position)
| Data included in transition? | Fund Transactions (post-closing position) |
|
Y |
|
|
N |
|
Next steps for transition:
1. Set up Data Feed
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Set up a Holding Reference for each broker account and link the shares relating to that broker. Record any broker account numbers and/or HINs for shareholdings
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Set up a Holding Reference for each Wrap/Platform account and link investments and cash relating to that account. Record wrap account numbers for any wraps that have been split into the individual assets that make up the wrap
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Print data feed authority forms and get clients to sign and return as per feed instructions. Update feed status to indicate where in the process you are
2. Load bank and broking transactions
- Load bank and broking transactions since the last book close date until the date the data feed becomes active either from scratch; or
- Load bank and broking transactions since the last book close date that the previous Administrator has already loaded, using the Excel transaction loader within the Fund Transfer Data file
3. Other set-up actions
- Enter prior period operating statement figures for comparative purposes (Optional)
- Add details of any Auditors, Tax Agents (including ELS and SBR credentials), Advisors (including data authorities) and so on.
- Enter an asset strategy comparison
- Enter any Bring Forward Contributions history
Frequently Asked Questions
- Why do we need to obtain new signed data feed authority forms when my Client’s fund was already set up in Class by the previous Administrator?
Data feeds can be authorised by either the Account Holder (Trustees/Investors) or Advisor to allow providers (Banks, Brokers & Wraps) to release the bank or trade data to the Administrator of the client’s account, not to Class Ltd. Class is licensed by the Administrator and is a software platform with data feed facilities to allow Administrators to receive the data via the structure of the feed, directly from the providers.
Class has no relationship with the end account holder (Trustees/Investors) or Advisors, therefore the initial data feed authority is Account Holder or Advisor’s instruction to the providers to send data feed to the Administrator (outgoing) of the Funds, who uses Class software. The data is owned by the licence holder of Class (outgoing Administrator), and authority must be obtained again when the fund's management moves to a new Administrator (incoming Administrator).
- The fund/portfolio has already been processed (matched and allocated) for part of the current open financial year, why would the data come across unprocessed?
The bank and trade data of a fund as well as the finalised account are the deliverable owned by the outgoing Administrator and the Client (Trustees/Investors). However, the working product (partial year processing) is the intellectual property of the outgoing Administrator That is the 30 June Financials and end year close belongs to the outgoing Administrator and the Client (Trustees/Investors), whereas the post 30 June processing is an intellectual property owned only by the outgoing Administrator.
The work in progress done by current outgoing Administrator, that contribute into the 30 June Financials and tax return for the following financial year, however the Client (Trustee/Investor) has now moved across to you as the new Administrator, therefore only the data that the Client owns comes across.
- Both businesses (outgoing Administrator and incoming Administrator) in Class are under the one Class licence when transitioning the fund, will the business level settings (fund settings, white labels, fund relationship) and fund specifics (fund history, transaction rules, business events and other processing) move from one class business to the other?
No. Currently each business and business code is unique in Class, and treated as a separate legal entity, with data located in different Cells. Therefore each business level settings will need to be set up again within the new business, and when the fund is loaded into the new business it will automatically inherit those Business Level settings such as white labels, fund relationships of the second business.
Transitioning of funds from one Class business to another can only be done using the Fund Data Transfer, and these files are designed to treat funds as being transitioned from a different Administrator, as such fund specific processing cannot be brought across from one business to another. An alternative solution is to set up a new brand within your current business and moving the fund from brand to brand within the one business, instead of setting up a second business and moving the fund across.
What Next?
Learn more about the Excel Transaction Loader Introduction