A company news release said the software features functionality for defined contribution third-party administrators to do account level share lot aging to calculate short-term mutual fund redemption fees at the participant level.
The system will offer two options:
- for Recordkeepers that can age trades and calculate early redemption fees, Revenue Manager can act as a repository for accumulating the previously calculated fees, summing them by fund family and creating summary and detailed statements for remittance to the funds. These transactions are booked as accounts payable transactions for full reporting and monitoring of amounts collected and not yet remitted.
- for Recordkeepers that cannot age and calculate participant level trades, Revenue Manager will accept participant level trades and age them by plan CUSIP and participant ID. The system will calculate early redemption fees on the participant level trades and then account for them just like the previously calculated participant fees.
For Bank Trust, the new program will support the calculation of revenue sharing earned at the trust account, trust officer and line of business level. More information about the company is at www.deltadatasoft.com .