Adding support for custodian reporting for fund holdings
November 25, 2019. Stefan Willebrand.
We just published a new guide in our knowledgebase at wiki.bricknode.com where we show how customers can use Bricknode Financial Systems (BFS) for managing and keeping track of the holdings of an investment fund. On top of this we also added a new add-on which can generate Net Asset Value break down reports for custodians. First out in our integration is the Swedish bank SEB.
Thanks to the extensive API of BFS we could build this add-on purely by using our own API and nothing else. This project also shows how our customers can create their own code to extend the functionality of BFS themselves and use BFS as a core system for all their financial activities.
Since the wiki article is only open to customers and trial users of BFS let me summarize in short what we did.
In BFS we create two legal entities, one for the fund company who is managing the fund and one for the fund entity which is the fund. The fund entity can then issue its own financial instruments which are the fund shares that investors invests in but that is outside the scope of this blog post. We then create a simple account for the fund entity and a custody account which mirrors the account that the fund entity has with its custodian, the fund entity can also work with multiple custody accounts if that is needed.
Voila! That is all we need to get going and use BFS for fund administration in its simplest form.
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