Raw Knowledge to supply ERI data to Tutman Fund Solutions fund range

Raw Knowledge has been appointed to supply excess reportable income (ERI) data across Tutman Fund Solutions’ £11bn fund range.

Under the agreement, the data management solutions and financial data provider will provide coverage of Tutman Fund Solutions’ asset range, aiming to ensure the fund services platform has access to accurate ERI data to support its wealth manager and institutional investor clients.

The deal will give Tutman Fund Solutions 100 per cent ERI data coverage of its fund range.

Tutman Fund Solutions oversees 150 funds, providing the underlying corporate governance and regulatory frameworks for approximately 45 wealth managers across a range of UK-domiciled retail and private investment structures.

Raw Knowledge argued that accurate ERI reporting was becoming an increasingly pressing issue for the wealth and fund management industry amid the rising popularity of offshore funds, which can trigger ERI reporting requirements.

Additionally, it said the growth of model portfolio services (MPS), many of which include offshore funds, was exacerbating the issue.

Research from Raw Knowledge found that while 93 per cent of investment platforms offer access to offshore funds, just 55 per cent provided adequate data to help advisers and their clients identify and report ERI liabilities.

“ERI data remains notoriously fragmented and difficult to source, yet the consequences of getting it wrong can be costly for investors and time consuming for the firms who support them with reporting,” commented Raw Knowledge managing director, Preya Patel.

“We’re delighted that Tutman Fund Solutions has chosen Raw Knowledge to provide complete coverage of its asset universe, giving its administration teams and clients confidence in the accuracy of their ERI reporting.

“As offshore exposure continues to grow through vehicles like MPS, providing support like this is becoming increasingly important.”

Tutman Fund Solutions director of fund administration, Jenny Shanley, added: “With a clear focus on data quality, Tutman Fund Solutions has partnered with Raw Knowledge for the supply of comprehensive ERI data.

“We believe this move will help strengthen Tutman Fund Solutions’ ability to deliver accurate financial reporting to its clients and auditors. The collaboration also aligns with Tutman Fund Solutions’ strategic aim of continued new business growth and increased funds under management.”

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