NAV Control delivers accurate and efficient NAV and price validations to allow organisations to maintain adherence to client service levels and delivery standards.

Fund accountants monitor the NAV and unit price production process, manage quality via automated validations and control approval and release within client Service Level Agreements (SLAs).  Tailored dashboards with data drill through capabilities support on-line exception diagnosis and remediation.

Investor servicing queries are handled in a ‘one-touch’ environment where a complete auditable data image defends the NAV and unit price calculation.  Operations teams have a consistent global view, eliminating the need for users to investigate exceptions across multiple systems, while delivering significant efficiency gains.

NAV Control is purpose built to integrate with mainstream asset accounting platforms and to overcome their limitations in managing the NAV production process.  Market Data and Asset Level business validations are linked to existing upstream and downstream business functions via NAV Control’s integrated process management.

NAV Production Management

NAV Control is designed to automate all stages of the NAV production process allowing Fund Accounting teams transparency over the NAV production across clients, fund groups, geography, accounting teams and operating centres.

NAV Control delivers a repeatable operating model end-state and eliminates the need for servicing firms to undertake a process re-engineering exercise to increase efficiency in the following activities:

  1. Real-time monitoring of all upstream process dependencies including transaction entry, market price availability, corporate action processing and reconciliation breaks
  2. Execution of Market Data Validations to verify accuracy of reference data such as market prices and benchmarks
  3. Execution of Asset Level Validations to verify the accuracy of imported holdings, valuations and transaction movements
  4. Import of NAVs and Unit Prices from mainstream asset accounting platforms, or calculation of NAVs and Unit Prices within pControl to overcome external system constraints
  5. Execution of NAV Movement Analysis to verify movements
  6. Approval and release of the NAV and Unit Price values
  7. Automated NAV Dissemination of NAV values and Unit Prices to clients and their stakeholders

Efficiency for Fund Accounting Teams

  • Process control and dashboard views highlight exceptions and escalations allowing easy drill through to underlying causes
  • Supports centralized or distributed operating models that demand multiple time-zone support for ‘follow the sun’ processing.
  • Multi-level override forces exceptions of certain levels to be conditionally approved by multiple authorizers.
  • Client specific templates ensure flexibility to configure client, fund or investment vehicle specific business rules.
  • Integrates with any or multiple mainstream fund accounting and underlying feeder systems to capture upstream system status, operator commentary, corporate actions, reconciliation breaks and overrides, market data, and underlying portfolio positions and transactions.

Market Data Validations

  • Market Data Validations includes:
    • Validation of security prices, market indices and FX rates
    • Generation of daily re-weighted composite benchmarks
  • Generation of daily re-weighted dynamic benchmarks using actual fund asset weights for best possible comparison

Asset Level Validations

  • Asset Level Validations includes:
    • Fund or product validations
    • Holding, valuation and transaction validations
    • Account balance validations
  • Ability to run validations at multiple stages of the NAV production process, for example, pre-NAV validations versus post-NAV validations.

NAV Movement Analysis

  • NAV Movement Analysis provides a hierarchical movement breakdown and tolerance checking allowing users to drill from total level to underlying position and transaction data.
  • Fund / benchmark movement attribution (over and underweight asset analysis) is automated, providing detailed explanation of variances.
  • Class comparison framework allows performance impacts to be identified and stripped out of class performance before performing clean class comparison tests.
  • Ability to manage multiple tolerance settings across hierarchies of clients, products, sectors and portfolios.

Client Operating Models

NAV Control may be deployed into a variety of client Operating Models, such as:

  • Where an existing legacy asset accounting platform exists and that system already calculates NAVs, NAV Control can verify the accuracy of the NAVs and Unit Prices and manage the upstream and downstream dependencies.
  • Where an existing legacy asset accounting platform exists and that system only undertakes asset accounting, NAV Control can verify the accuracy of input valuations and transactions, and then calculate NAVs and Unit Prices.
  • A combination of both scenarios to extend the useful life existing legacy asset accounting platforms, and accommodate new product or new client requirements.

Data Integration

  • Uploads, merges and validates data from multiple sources, including accounting systems, registry and transfer agencies, and external data providers, through pControl's native Data Manager.
  • NAV Dissemination provides fund accountants the ability to define and format NAV and related data extracts for automated distribution to clients.

Reconciliations

  • When deployed with integrated Reconciliations the internal reconciliation status is immediately available to all NAV Control processing.
  • Reconciliations (optionally) integrates with Case Management for independent end-to-end life-cycle management of cases associated to one or many reconciliation items.

Extensibility

Optionally, full NAV Calculation & Pricing may be deployed within the NAV Control processing where a rich set of calculation features are available including:

  • Valuation and pricing for periodic, technical/hard close, indexed and ex-distribution pricing
  • Single price or multiple price types such as NAV, bid, offer, or swing prices, and crediting rates
  • Multi-class, multi-currency and hedged share classes
  • Calculation of management fees, performance fees, tax provisions and rebates
  • Multiple pricing points and complete or partial pricing re-runs
  • Client specific calculation templates, with flexibility to configure client or fund specific business rules

See NAV Calculation & Pricing to find out more.

Optionally, where complex pooled product accounting requirements exist, NAV Control integrates with pControl’s Fund Accounting capabilities including Fund Ledger processing, Gain / Loss Management and Account Views.

Service Level Aware

All pControl solutions are Service Level Aware and can internally monitor and escalate late running events such as late data arrival, and late override / approvals and final release within operational cut-offs and processing calendars.

Fund Accounting teams can monitor Service Level compliance through the following dashboards:

  • Production Summary dashboard to deliver progress monitoring of all daily NAV calculations and NAV production activities for each processing date
  • Attention Status Monitor dashboard to provide real-time exception monitoring and aging for any activity with critical completion or Service Level Agreement deadlines

NAV Control is stakeholder and auditor friendly through a full audit trail of all NAV production activity, and NAV Control statistics support continuous refinement of tolerances, while delivering rich client and SLA reporting.