CONFLUENCE GIVES FUND PROVIDER COMPLETE PERFORMANCE CALCULATION ON THE WEB
A leading international mutual fund company has turned to Web-based software from Confluence to handle all its performance calculations and data distribution. Orbitex Management, advisor to the Orbitex Group of mutual funds, will use ConfluenceÂs FundStation. net to calculate fund performance and after-tax rates of return. FundStation. net is the first mutual fund performance calculation and data distribution service available as an Application Service Provider (ASP).
(PRWEB) May 23, 2001
Pittsburgh, Pennsylvania Â A leading international mutual fund company has turned to the Web to handle all its performance calculations and data distribution.
Confluence announced today that Orbitex Management, Inc., advisor to the Orbitex Group of mutual funds, will use ConfluenceÂs FundStation. net to calculate fund performance and after-tax rates of return. FundStation. net is the first mutual fund performance calculation and data distribution service available as an Application Service Provider (ASP) over the Internet.
"We needed an efficient, flexible, and scalable solution to meet our financial information needs, especially our need to generate reliable after-tax reporting,Â said Robert Youree, Chief Executive Officer of Orbitex Management. ÂWe selected ConfluenceÂs ASP model because it met all of our requirements."
ÂFundStation. net gives Orbitex a cost-effective way to calculate mutual fund performance and distribute the data to brokers, financial institutions, and investment advisors, Â said Mark Evans, president of Pittsburgh-based Confluence Technologies. ÂAt the same time, FundStation. net provides Orbitex with an easy way to comply with the SECÂs strict new tax reporting rule.Â
The Orbitex Group includes a variety of mutual funds in sectors such as health and biotechnology, energy, communications, international, and growth. Orbitex Management has $700 million in assets under management.
FundStation. net is the ASP version of FundStationTM, ConfluenceÂs industry-leading mutual fund software. More than 40% of United States mutual funds rely on FundStation to automate their investment performance calculations and broadcast data to investment advisors, analysts, brokers, and other customers.
Through its After Tax Returns service, FundStation generates calculations of mutual fundsÂ after-tax rates of return that comply with the recently effective SEC regulation requiring disclosure of the impact of taxes on fund returns. FundStation. net provides the same after-tax reporting capability to ConfluenceÂs ASP customers.
Confluence recently released version 4.70 of FundStation, which automatically creates composite reports that adhere to Association for Investment Management and Research (AIMR) standards. In addition, version 4.70 enables mutual fund companies to create customized equity indices to measure the performance of their funds. Both these new features are also available in FundStation. net.
Confluence is a leader in the financial software industry. Many major financial services companies, including Charles Schwab, Janus, and American Express, depend on Confluence software. Inc. magazine recently named Confluence to its list of the 500 fastest growing privately held corporations in the country.