How can I separate One Line Wrap Assets into individual holdings for First Year Funds in Class?
Step 1: Access the Excel Fund Loader Used for Loading The Fund
Class Transition Team loaded the fund: contact the transitions team and they will provide you with a copy of the Excel Loader they used to load the fund.
You loaded the fund internally: you should already have a copy of the Excel Loader to use.
Step 2: Create Individual Investments in Excel Fund Loader
On the Investment Tab
- Create a holding account for each of the investments held within the Wrap, refer to Investments Tab for detailed steps
- Include the holding reference (e.g. the Wrap Account number or the broker amount number)
On the Cash Tab
- Create the Cash Account, apply the Wrap Account number to the Cash Account
Refer to Cash Tab for detailed steps.
Step 3: Enter in The Market Values
On the Holding Balances Tab
- Enter the account codes used in the “Investments” tab
- Enter the market values as at 30 June of the last finalised financial year
On the Opening Balance tab
- Enter cash account balance as at 30 June of the last finalised financial year
The total market value of the individual assets plus the cash account should be equal to the total market value of the Custom Holding Account.
- Once this is done and the market values tie in, remove the amount for the Custom Holding Account from the “holding balances” tab
Step 4 - Remove the Custom Holding account
On the Holding Balances tab
- Remove the balance for the Custom Holding Account
On the Custom Tab
- Remove the Custom Holding Account
Step 5 – Enter in The Historical Cost Bases for individual investments
On the Acquisitions tab
- Enter the acquisitions of each investment, refer to Acquisitions Tab for detailed steps
On the Adjustments tab
- Enter any adjustments such as tax deferred, etc. Refer to Adjustments Tab for detailed steps
Step 6 – Submit the Opening Position
On the Overview tab
- Ensure there is no fields showing in red.
- Click the “Submit Fund Details” button - this will create all of the additional holding accounts in Class (into the existing fund)
- Click the “Submit Opening Balances” button - this will upload the updated Investment cost base and market value information into Class
You may want to contact our Transition team who provide this service to our clients (fees apply).
In order for a fund with a Wrap Account to receive an automated feed, it must be set up in Class with each of the individual assets of the Wrap Account.
If the Wrap account was not setup using a Custom Holding Account, follow the same steps, but replace Custom Holding Account with the way the asset has been set up e.g. an unlisted trust.
The asset segregation can be done when the fund is initially loaded onto Class where the segregated balances are entered into the opening position.
Refer to KB article How to separate One Line Wrap Assets into Individual Holdings - Not First-Year Funds if this is not a first year fund.