OAK BROOK, IL--(Marketwired - Jun 28, 2013) - Millennium Trust Company, the leading alternative asset custodian for Advisors, and ByAllAccounts, the sole provider of intelligent data aggregation for financial services companies, today announced they are collaborating on a new automated solution for reporting alternative asset values. The platform will automate data collection and aggregation of valuations for alternative investments and will deliver data directly into an Advisor's portfolio management system. The collaboration, a first of its kind, starts to bridge the gap between the automated data collection and reporting process for traditional investments and today's manual and unstructured process for alternative investments.
Advisors want to run their operations as efficiently as possible. The current method, however, of manually inputting data from multiple alternative assets, such as REITS, hedge funds and private equity funds, is inefficient and costly. As more family offices and advisory firms add alternative investments to clients' portfolios, it is imperative that a solution is built to provide consolidated and timely reporting on these illiquid and often hard-to-value assets. The new solution will address the need of many Advisors whose back-office teams spend many hours manually inputting data from multiple sources, and will free them to focus on more productive activities such as servicing their clients. Investment sponsors will also benefit as their data is gathered electronically, which can result in timelier processing of updated valuations.
In creating its new service, ByAllAccounts' will draw upon its patented expertise in data aggregation from more than 4,000 data sources and Millennium Trust's in-depth knowledge of alternative assets and access to more than 8,000 investment sponsors. The solution will consist of a platform for the automated delivery of alternative investment valuations data to the Millennium Trust advisor platform as well as to other ByAllAccounts clients. ByAllAccounts will aggregate, enrich and deliver this data via direct feeds, expanding its current network of alternative investment connections that is available to current clients.
"Having spent more than a decade in the alternative asset custody business, one of the major challenges we regularly face is the amount of manpower spent to obtain, record, review and reconcile the data. This tool will streamline the process, improve efficiencies and result in a better experience for our clients," states T. Scott McCartan, CEO of Millennium Trust.
"ByAllAccounts specializes in aggregation and delivery of marketable as well as non-marketable financial account data, such as hedge fund, REIT, private equity, 401(k) and 529 accounts," said ByAllAccounts CEO James Carney. "Together with Millennium Trust, we look forward to being the first to automate delivery of alternative investment data into industry leading platforms in the wealth management industry and in doing so eliminating time-consuming and costly manual data entry of limited partner interests."
The first phase of the solution is expected to be completed for rollout within six months.
About Millennium Trust Company
Millennium Trust Company is a leading financial services firm offering niche alternative custody solutions to institutions, advisors and individuals. We serve as a complement to services offered by other custodians. Our innovative solutions include alternative asset custody, rollover solutions, private fund custody and advisor support services. Additional information about Millennium Trust Company may be found at www.mtrustcompany.com.
Millennium Trust performs the duties of a custodian and, as such, does not provide investment advice or sell investments, nor offer any tax or legal advice.
ByAllAccounts is the only provider of intelligent data aggregation for financial services companies and the platforms on which their businesses depend. Their patented, intelligent data aggregation system implements a knowledge-based process that uses artificial intelligence to gather and transform financial account data and deliver it to portfolio management, reconciliation, compliance, trust accounting and performance systems.
The financial industry's most reputable advisory firms, financial institutions, and financial technology vendors rely on ByAllAccounts as their primary connector to structured and unstructured financial account data, enabling them to streamline their third-party relationships and to empower their applications and services. For more information, visit www.byallaccounts.com.
Millennium Trust and ByAllAccounts are responsible solely for reporting asset values provided by investment sponsors; they do not calculate the actual value of an alternative asset.