OppenheimerFunds has mandated Milestone Group to launch its NAV Oversight solution to automate monitoring of net asset value (NAV) calculations for more than 230 funds.
The solution is part of Milestone’s focused solution within its pControl platform, and allows fund managers to automate the verification of outsourced fund processing functions.
Oppenheimer will have an insight in to the wider components of their NAV calculation process, building greater confidence in the accuracy of results from third-party service providers.
The system will provide a detailed report of any changes in pricing, expenses, income and capital, with sufficient detail to satisfy the board, as well as investors and regulators.
Robert Caporale, managing director and head of North America at Milestone Group, said: “For a growing number of asset managers, increasing fund oversight levels is about protecting their business and the reputation they have attained. OppenheimerFunds has achieved a level of thoroughness many in the industry still strive for, and we are committed to supporting them in their oversight expansion efforts.”
