Credit Suisse Investor Services
Credit Suisse Investor Services (CSIS) operates as a competence centre for fund services. The administrative tasks of the CSIS cover the entire spectrum of the fund business, from fund administration to fund management and from the transfer agent to the custodian bank. Calculating and consolidating the many different types of fees is a crucial challenge. Therefore the CSIS was looking for an audit compliant and efficient software solution.
The Credit Suisse Group is a global leading financial services provider.
Jork Vervloessem, responsible for Billing & Payments – Institutional Clients for Credit Suisse, talks to Sowatec about the introduction of calculo for Rate Card calculations.
Credit Suisse calculates and implements around 30 different types of fees for Luxembourg and Switzerland. The calculation of the fees takes numerous parameters into consideration. One common calculation system is needed to replace the current manual and semi-automated solutions.
To implement an auditable fees management software which collates and calculates the fees from different sources on a daily basis.
calculo is a solution that is based "Business Rules Management (BRM)" technology. It imports account and transaction data via freely configurable interfaces. Data import, calculations and reporting are fully-automated processes.
Read an excerpt from the interview with Jork Vervloessem, Credit Suisse.
CSIS handles fund administration for both Credit Suisse Asset Management and a large number of third party funds. Tell us about the scope of your activities.
Basically our services cover launching new funds, corporate secretariat activities, funds and deposit accounting, net inventory calculations, transfer agency services and the whole area of reporting. Die Gebühren wurden anschliessend manuell in einer Excel-Kalkulationstabelle berechnet.
What are the challenges for IT in such calculation intensive processes?
In the funds area, there are numerous different fees that are based on diverse parameters. You have fees that are based on both the net asset volume and on sub-divisions into share classes. Deposit bank fees are based primarily on the value of the portfolio positions and on the transactions. Then, fees for services in the corporate secretariat realm are usually event-driven – i.e. dependant on the number of services rendered. Finally, you have the transaction fees. Calculating and compiling all these different fees in an audit compliant fashion is a daily challenge.
How was the data gathered and how did you do the calculations in the past?
The underlying data was taken from a number of different systems: the accounting system, the transfer agency’s system, the deposit bank’s system and some other satellite systems. Then the fees were calculated manually in an Excel worksheet.