SunGard has created a Cost Basis Reporting Engine for mutual fund and other financial services companies. Compatible with any back-office system, it enables companies to meet the new cost-basis reporting requirements in the Emergency Economic Stabilization Act passed on Oct. 10, 2008.
The system offers a consolidated view of client tax lot data, including corporate actions, option assignment exercise and wash sales, and recalculation of mutual fund reclassifications. While the system is back-office agnostic, it can be used with other SunGard products, including its wealth management, securities processing, transactions and tax-reporting systems.
“SunGard recognizes the need for a flexible and scalable cost-basis reporting solution that will help firms comply with the Emergency Economic Stabilization Act,” said Kevin Rafferty, president of the wealth management unit at SunGard. “SunGard’s Cost Basis Reporting Engine helps firms avoid costly development efforts and provides automatic processing of cost-basis information to help make the process seamless and efficient.”